Myriad Genetics (NASDAQ:MYGN) Shares Down 4.6% – Here’s Why

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

Wall Street Analyst Weigh In

MYGN has been the topic of several recent analyst reports. Scotiabank upped their price objective on shares of Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 13th. Piper Sandler lifted their target price on Myriad Genetics from $28.00 to $30.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. TD Cowen boosted their price objective on Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Morgan Stanley started coverage on shares of Myriad Genetics in a research note on Thursday, September 19th. They issued an “equal weight” rating and a $32.00 price target for the company. Finally, JPMorgan Chase & Co. boosted their target price on shares of Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Myriad Genetics presently has a consensus rating of “Hold” and a consensus target price of $28.91.

Myriad Genetics Stock Down 3.3 %

The firm has a 50 day simple moving average of $25.57 and a two-hundred day simple moving average of $24.76. The company has a market capitalization of $1.58 billion, a PE ratio of -9.57 and a beta of 1.93. The company has a current ratio of 1.96, a quick ratio of 1.78 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) 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 analysts’ expectations of $206.44 million. Myriad Genetics had a negative return on equity of 5.64% and a negative net margin of 19.35%. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.21) EPS. Research analysts expect that Myriad Genetics, Inc. will post -0.35 EPS for the current year.

Insider Buying and Selling

In other Myriad Genetics news, CEO Paul J. Diaz sold 15,000 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $22.93, for a total value of $343,950.00. Following the transaction, the chief executive officer now directly owns 962,378 shares of the company’s stock, valued at $22,067,327.54. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Heinrich Dreismann sold 10,000 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $27.05, for a total transaction of $270,500.00. Following the completion of the transaction, the director now owns 121,648 shares in the company, valued at approximately $3,290,578.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul J. Diaz sold 15,000 shares of Myriad Genetics stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $22.93, for a total value 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 71,012 shares of company stock valued at $1,900,485. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Myriad Genetics

Institutional investors have recently bought and sold shares of the stock. Hexagon Capital Partners LLC lifted its holdings in Myriad Genetics by 75.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock valued at $28,000 after acquiring an additional 491 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of Myriad Genetics during the 2nd quarter worth about $36,000. GAMMA Investing LLC raised its position 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 purchasing an additional 412 shares during the period. Point72 DIFC Ltd bought a new position in shares of Myriad Genetics in the second quarter worth about $60,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Myriad Genetics during the second quarter valued at about $82,000. Institutional investors and hedge funds own 99.02% of the company’s stock.

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.