Myriad Genetics (NASDAQ:MYGN) Shares Down 4.9%

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report)'s stock price was down 4.9% during mid-day trading on Wednesday . The stock traded as low as $25.56 and last traded at $25.72. Approximately 166,797 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 718,002 shares. The stock had previously closed at $27.04.

Analysts Set New Price Targets

A number of research firms have recently commented on MYGN. TD Cowen boosted their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a "hold" rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. upped their price objective on shares of Myriad Genetics from $17.00 to $20.00 and gave the company an "underweight" rating in a research report on Wednesday, August 7th. Scotiabank lifted their target price on Myriad Genetics from $29.00 to $34.00 and gave the stock a "sector outperform" rating in a research report on Tuesday, August 13th. Piper Sandler increased their price target on Myriad Genetics from $28.00 to $30.00 and gave the company a "neutral" rating in a report on Tuesday, August 13th. Finally, Jefferies Financial Group restated an "underperform" rating and set a $20.00 price objective (down from $25.00) on shares of Myriad Genetics in a report on Monday, June 3rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $28.60.

Myriad Genetics Price Performance

The stock has a market capitalization of $2.38 billion, a P/E ratio of -9.32 and a beta of 1.92. The company has a 50 day moving average of $27.15 and a 200-day moving average of $23.85. The company has a quick ratio of 1.78, a current ratio of 1.96 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.06. The business had revenue of $211.50 million during the quarter, compared to analyst estimates of $206.44 million. Myriad Genetics had a negative net margin of 19.35% and a negative return on equity of 5.64%. The company's quarterly revenue was up 15.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.21) EPS. Sell-side analysts predict that Myriad Genetics, Inc. will post -0.34 EPS for the current year.

Insider Transactions at Myriad Genetics

In related news, Director Colleen F. Reitan sold 46,012 shares of the company's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the completion of the transaction, the director now directly owns 42,533 shares in the company, valued at approximately $1,188,797.35. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Myriad Genetics news, Director Colleen F. Reitan sold 46,012 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total value of $1,286,035.40. Following the sale, the director now owns 42,533 shares in the company, valued at $1,188,797.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Heinrich Dreismann sold 10,000 shares of Myriad Genetics stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $27.05, for a total value of $270,500.00. Following the sale, the director now directly owns 121,648 shares in the company, valued at approximately $3,290,578.40. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Hexagon Capital Partners LLC lifted its holdings in Myriad Genetics by 75.3% in the second quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company's stock worth $28,000 after purchasing an additional 491 shares during the period. Innealta Capital LLC acquired a new stake in shares of Myriad Genetics in the 2nd quarter worth approximately $36,000. Point72 DIFC Ltd bought a new position in shares of Myriad Genetics in the second quarter valued at approximately $60,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Myriad Genetics in the second quarter valued at approximately $82,000. Finally, Neo Ivy Capital Management acquired a new position in shares of Myriad Genetics during the second quarter valued at approximately $85,000. 99.02% of the stock is owned by institutional investors and hedge funds.

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.