Myriad Genetics (NASDAQ:MYGN) Stock Price Down 6% - Here's What Happened

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) dropped 6% during mid-day trading on Tuesday . The stock traded as low as $13.41 and last traded at $13.42. Approximately 199,721 shares traded hands during trading, a decline of 75% from the average daily volume of 815,009 shares. The stock had previously closed at $14.28.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MYGN shares. StockNews.com raised Myriad Genetics from a "hold" rating to a "buy" rating in a research note on Thursday, January 9th. Leerink Partnrs cut shares of Myriad Genetics from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 9th. Piper Sandler lowered their price target on shares of Myriad Genetics from $30.00 to $24.00 and set a "neutral" rating on the stock in a research report on Monday, November 11th. Leerink Partners downgraded 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. Finally, Bank of America reduced their target price on Myriad Genetics from $15.00 to $13.00 and set an "underperform" rating on the stock in a research note on Friday, December 13th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and four 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 $24.27.

Myriad Genetics Stock Performance

The company has a market cap of $1.25 billion, a price-to-earnings ratio of -10.52 and a beta of 1.89. 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 stock's 50 day moving average price is $15.05 and its 200 day moving average price is $22.17.

Hedge Funds Weigh In On Myriad Genetics

A number of hedge funds have recently made changes to their positions in MYGN. Nordea Investment Management AB increased its holdings in Myriad Genetics by 117.0% in the 4th quarter. Nordea Investment Management AB now owns 332,913 shares of the company's stock valued at $4,548,000 after purchasing an additional 179,527 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Myriad Genetics by 8.8% in the third quarter. Franklin Resources Inc. now owns 58,055 shares of the company's stock worth $1,457,000 after acquiring an additional 4,710 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Myriad Genetics by 1.0% in the third quarter. Geode Capital Management LLC now owns 2,154,035 shares of the company's stock worth $59,010,000 after acquiring an additional 21,220 shares in the last quarter. Disciplined Growth Investors Inc. MN raised its position in shares of Myriad Genetics by 21.1% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company's stock valued at $69,226,000 after purchasing an additional 440,107 shares in the last quarter. Finally, Barclays PLC grew its position in shares of Myriad Genetics by 136.9% during the third quarter. Barclays PLC now owns 190,243 shares of the company's stock worth $5,210,000 after buying an additional 109,931 shares in the last quarter. Institutional investors and hedge funds own 99.02% of the company's stock.

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.