Myriad Genetics (NASDAQ:MYGN) Shares Down 4.6% - What's Next?

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) dropped 4.6% during trading on Monday . The stock traded as low as $17.03 and last traded at $17.17. Approximately 216,216 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 716,146 shares. The stock had previously closed at $17.99.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MYGN shares. Scotiabank lifted their price objective 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. JPMorgan Chase & Co. boosted their price target on Myriad Genetics from $17.00 to $20.00 and gave the stock an "underweight" rating in a research report on Wednesday, August 7th. Wells Fargo & Company began coverage on Myriad Genetics in a report on Tuesday, August 27th. They set an "overweight" rating and a $35.00 price objective on the stock. Morgan Stanley began coverage on Myriad Genetics in a report on Thursday, September 19th. They issued an "equal weight" rating and a $32.00 target price for the company. Finally, TD Cowen increased their price target on Myriad Genetics from $28.00 to $30.00 and gave the company a "hold" rating in a report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $28.91.

Myriad Genetics Stock Down 0.9 %

The firm's 50-day simple moving average is $25.57 and its 200-day simple moving average is $24.81. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.78 and a current ratio of 1.96. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -10.00 and a beta of 1.93.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of ($0.01) by $0.06. The business had revenue of $211.50 million for the quarter, compared to the consensus estimate of $206.44 million. Myriad Genetics had a negative return on equity of 5.64% and a negative net margin of 19.35%. The firm's revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period last year, the business earned ($0.21) earnings per share. Sell-side analysts forecast that Myriad Genetics, Inc. will post -0.35 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Paul J. Diaz sold 15,000 shares of Myriad Genetics stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $22.93, for a total transaction of $343,950.00. Following the sale, the chief executive officer now directly owns 962,378 shares in the company, valued at approximately $22,067,327.54. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 0.00 % 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 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 71,012 shares of company stock valued at $1,900,485 over the last ninety days. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Myriad Genetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D bought a new position in shares of Myriad Genetics in the third quarter valued at approximately $1,965,000. Atria Investments Inc raised its position in Myriad Genetics by 5.4% in the 3rd quarter. Atria Investments Inc now owns 11,414 shares of the company's stock valued at $313,000 after purchasing an additional 581 shares during the last quarter. New York State Teachers Retirement System boosted its stake in Myriad Genetics by 4.4% in the third quarter. New York State Teachers Retirement System now owns 73,900 shares of the company's stock worth $2,024,000 after purchasing an additional 3,102 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in shares of Myriad Genetics by 64.3% during the third quarter. China Universal Asset Management Co. Ltd. now owns 17,468 shares of the company's stock worth $478,000 after purchasing an additional 6,834 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in shares of Myriad Genetics by 182.9% in the third quarter. Nisa Investment Advisors LLC now owns 11,417 shares of the company's stock valued at $313,000 after buying an additional 7,381 shares in the last quarter. 99.02% of the stock is currently owned by institutional investors and hedge funds.

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.