Myriad Genetics (NASDAQ:MYGN) Hits New 52-Week Low Following Analyst Downgrade

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

A number of other analysts have also recently weighed in on MYGN. Bank of America dropped their target price on shares of Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating on the stock in a report on Monday, March 3rd. Craig Hallum assumed coverage on shares of Myriad Genetics in a research note on Wednesday, February 12th. They set a “buy” rating and a $29.00 price objective on the stock. Leerink Partnrs downgraded Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 9th. The Goldman Sachs Group dropped their price target on Myriad Genetics from $29.00 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, January 28th. Finally, Piper Sandler upgraded Myriad Genetics from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $11.50 to $12.50 in a research note on Wednesday, March 12th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $20.89.

Hedge Funds Weigh In On Myriad Genetics

Several large investors have recently bought and sold shares of MYGN. Nordea Investment Management AB boosted its holdings 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 valued at $4,548,000 after acquiring an additional 179,527 shares in the last quarter. Jennison Associates LLC lifted its position in Myriad Genetics by 144.2% in the fourth quarter. Jennison Associates LLC now owns 59,015 shares of the company’s stock worth $809,000 after purchasing an additional 34,853 shares during the period. Victory Capital Management Inc. boosted its stake in Myriad Genetics by 6.4% during the 4th quarter. Victory Capital Management Inc. now owns 61,341 shares of the company’s stock valued at $841,000 after purchasing an additional 3,711 shares in the last quarter. Barclays PLC increased its position in shares of Myriad Genetics by 136.9% during the 3rd quarter. Barclays PLC now owns 190,243 shares of the company’s stock valued at $5,210,000 after purchasing an additional 109,931 shares during the period. Finally, Point72 Asset Management L.P. raised its stake in shares of 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 worth $29,135,000 after buying an additional 224,255 shares in the last quarter. Institutional investors and hedge funds own 99.02% of the company’s stock.

Myriad Genetics Stock Performance

The company has a fifty day moving average price of $11.54 and a two-hundred day moving average price of $16.12. The firm has a market cap of $803.52 million, a price-to-earnings ratio of -6.77 and a beta of 1.79. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.12). Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. The business had revenue of $210.60 million for the quarter, compared to the consensus estimate of $210.35 million. During the same quarter last year, the business posted ($0.12) EPS. As a group, equities research analysts expect that Myriad Genetics, Inc. will post -0.3 EPS for the current year.

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.