Myriad Genetics (NASDAQ:MYGN) Reaches New 12-Month Low Following Analyst Downgrade

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) hit a new 52-week low on Tuesday after Morgan Stanley lowered their price target on the stock from $32.00 to $21.00. Morgan Stanley currently has an equal weight rating on the stock. Myriad Genetics traded as low as $14.87 and last traded at $14.99, with a volume of 115861 shares changing hands. The stock had previously closed at $15.22.

Several other brokerages also recently commented on MYGN. JPMorgan Chase & Co. lifted their target price on shares of Myriad Genetics from $17.00 to $20.00 and gave the stock an "underweight" rating in a report on Wednesday, August 7th. StockNews.com raised Myriad Genetics from a "hold" rating to a "buy" rating in a research report on Tuesday, November 12th. Piper Sandler lowered their target price on Myriad Genetics from $30.00 to $24.00 and set a "neutral" rating on the stock in a report on Monday, November 11th. Scotiabank upped their price target on Myriad Genetics from $29.00 to $34.00 and gave the stock a "sector outperform" rating in a report on Tuesday, August 13th. Finally, Wells Fargo & Company assumed coverage on shares of Myriad Genetics in a research note on Tuesday, August 27th. They issued an "overweight" rating and a $35.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Myriad Genetics currently has a consensus rating of "Hold" and a consensus target price of $27.36.

Insider Activity at Myriad Genetics

In related news, CEO Paul J. Diaz sold 15,000 shares of the business'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 sale, the chief executive officer now owns 962,378 shares of the company's stock, valued at $22,067,327.54. The trade was a 1.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the transaction, the director now owns 121,648 shares of the company's stock, valued at $3,290,578.40. This represents a 7.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 71,012 shares of company stock valued at $1,900,485 over the last quarter. 2.10% of the stock is owned by company insiders.

Institutional Trading of Myriad Genetics

Several large investors have recently added to or reduced their stakes in MYGN. Hexagon Capital Partners LLC boosted its holdings in shares of Myriad Genetics by 75.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company's stock worth $28,000 after acquiring an additional 491 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in Myriad Genetics in the third quarter worth $32,000. Innealta Capital LLC bought a new stake in shares of Myriad Genetics during the second quarter worth $36,000. GAMMA Investing LLC increased its stake in shares of Myriad Genetics by 34.1% in the third quarter. GAMMA Investing LLC now owns 1,620 shares of the company's stock valued at $44,000 after buying an additional 412 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new position in shares of Myriad Genetics in the second quarter valued at about $60,000. 99.02% of the stock is owned by institutional investors.

Myriad Genetics Trading Down 1.4 %

The company's 50-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 cap of $1.37 billion, a price-to-earnings ratio of -11.54 and a beta of 1.93.

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.