Myriad Genetics (NASDAQ:MYGN) Sets New 1-Year Low After Analyst Downgrade

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report)'s share price hit a new 52-week low on Tuesday after StockNews.com downgraded the stock from a buy rating to a hold rating. The stock traded as low as $8.53 and last traded at $8.87, with a volume of 1095635 shares. The stock had previously closed at $8.88.

Several other research firms have also recently issued reports on MYGN. Leerink Partners cut shares of Myriad Genetics from an "outperform" rating to a "market perform" rating and cut their price objective for the stock from $30.00 to $21.00 in a research report on Monday, December 9th. Craig Hallum started coverage on shares of Myriad Genetics in a research report on Wednesday, February 12th. They set a "buy" rating and a $29.00 price target on the stock. Bank of America cut their target price on Myriad Genetics from $13.00 to $11.00 and set an "underperform" rating for the company in a research note on Monday, March 3rd. Scotiabank decreased their price target on Myriad Genetics from $24.00 to $20.00 and set a "sector outperform" rating on the stock in a research note on Tuesday. Finally, Piper Sandler upgraded Myriad Genetics from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $11.50 to $12.50 in a report on Wednesday, March 12th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Myriad Genetics presently has a consensus rating of "Hold" and a consensus target price of $20.89.

Institutional Investors Weigh In On Myriad Genetics

Several large investors have recently added to or reduced their stakes in the business. Nordea Investment Management AB grew its stake in shares of Myriad Genetics by 117.0% in the fourth quarter. Nordea Investment Management AB now owns 332,913 shares of the company's stock worth $4,548,000 after acquiring an additional 179,527 shares in the last quarter. Jennison Associates LLC grew its stake in Myriad Genetics by 144.2% during the 4th quarter. Jennison Associates LLC now owns 59,015 shares of the company's stock worth $809,000 after purchasing an additional 34,853 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Myriad Genetics by 6.4% during the 4th quarter. Victory Capital Management Inc. now owns 61,341 shares of the company's stock worth $841,000 after purchasing an additional 3,711 shares during the period. Barclays PLC increased its holdings in Myriad Genetics by 136.9% during the 3rd quarter. Barclays PLC now owns 190,243 shares of the company's stock worth $5,210,000 after purchasing an additional 109,931 shares during the period. Finally, Point72 Asset Management L.P. raised its position in Myriad Genetics by 26.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,063,711 shares of the company's stock valued at $29,135,000 after purchasing an additional 224,255 shares in the last quarter. 99.02% of the stock is owned by hedge funds and other institutional investors.

Myriad Genetics Stock Down 3.3 %

The firm has a market cap of $742.34 million, a PE ratio of -6.25 and a beta of 1.79. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. The firm has a 50 day moving average price of $11.36 and a 200-day moving average price of $15.84.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.12). Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. The firm had revenue of $210.60 million during the quarter, compared to analysts' expectations of $210.35 million. During the same quarter in the prior year, the firm earned ($0.12) EPS. Research analysts forecast that Myriad Genetics, Inc. will post -0.3 EPS for the current fiscal year.

Myriad Genetics Company Profile

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.