Myriad Genetics (NASDAQ:MYGN) Downgraded to "Hold" Rating by StockNews.com

StockNews.com lowered shares of Myriad Genetics (NASDAQ:MYGN - Free Report) from a buy rating to a hold rating in a research report released on Wednesday.

Other research analysts have also recently issued research reports about the stock. Scotiabank lifted their target price on shares of Myriad Genetics from $29.00 to $34.00 and gave the company a "sector outperform" rating in a research note on Tuesday, August 13th. Morgan Stanley lowered their target price on Myriad Genetics from $32.00 to $21.00 and set an "equal weight" rating for the company in a report on Monday. Wells Fargo & Company assumed coverage on Myriad Genetics in a report on Tuesday, August 27th. They set an "overweight" rating and a $35.00 price objective for the company. TD Cowen raised their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the company a "hold" rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised their target price on shares of Myriad Genetics from $17.00 to $20.00 and gave the stock an "underweight" rating in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Myriad Genetics currently has a consensus rating of "Hold" and a consensus target price of $27.36.

Myriad Genetics Price Performance

Shares of MYGN stock traded up $0.30 during trading hours on Wednesday, hitting $15.30. The company had a trading volume of 755,965 shares, compared to its average volume of 742,663. The firm's fifty day moving average is $22.95 and its 200 day moving average is $24.61. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of -11.54 and a beta of 1.93. Myriad Genetics has a 12 month low of $14.72 and a 12 month high of $29.30.

Insider Activity at Myriad Genetics

In other news, CEO Paul J. Diaz sold 15,000 shares of the firm's stock in a transaction on Friday, October 11th. The stock was sold at an average price of $22.93, for a total value of $343,950.00. Following the completion of the transaction, the chief executive officer now directly owns 962,378 shares of the company's stock, valued at $22,067,327.54. This trade represents a 1.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Heinrich Dreismann sold 10,000 shares of the company's stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction of $270,500.00. Following the sale, the director now directly owns 121,648 shares in the company, valued at $3,290,578.40. This trade represents a 7.60 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 71,012 shares of company stock worth $1,900,485. 2.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Myriad Genetics

Hedge funds have recently added to or reduced their stakes in the stock. UniSuper Management Pty Ltd purchased a new stake in Myriad Genetics during the 1st quarter valued at about $467,000. State of New Jersey Common Pension Fund D bought a new position in shares of Myriad Genetics during the third quarter valued at $1,965,000. Legato Capital Management LLC bought a new position in shares of Myriad Genetics during the 2nd quarter valued at $1,123,000. Assenagon Asset Management S.A. grew its holdings in Myriad Genetics by 26.7% during the second quarter. Assenagon Asset Management S.A. now owns 250,524 shares of the company's stock valued at $6,128,000 after purchasing an additional 52,813 shares during the period. Finally, Maven Securities LTD purchased a new position in Myriad Genetics during the second quarter valued at $1,223,000. 99.02% of the stock is owned by institutional investors.

About Myriad Genetics

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.