Myriad Genetics (NASDAQ:MYGN) Reaches New 52-Week Low – Here’s What Happened

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $12.13 and last traded at $12.17, with a volume of 122639 shares trading hands. The stock had previously closed at $12.28.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. UBS Group initiated coverage on shares of Myriad Genetics in a report on Tuesday, December 10th. They issued a “neutral” rating and a $18.00 price target for the company. Leerink Partnrs cut Myriad Genetics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 9th. Bank of America decreased their price target on Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating on the stock in a report on Friday, December 13th. Leerink Partners lowered shares of Myriad Genetics from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $30.00 to $21.00 in a research note on Monday, December 9th. Finally, Morgan Stanley reduced their target price on shares of Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Monday, November 18th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $23.92.

Myriad Genetics Stock Performance

The stock has a 50-day moving average of $14.44 and a 200 day moving average of $21.61. The stock has a market cap of $1.14 billion, a PE ratio of -9.61 and a beta of 1.89. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.08). Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. The firm had revenue of $213.30 million for the quarter, compared to analyst estimates of $209.82 million. During the same period in the previous year, the firm posted ($0.17) EPS. Equities analysts predict that Myriad Genetics, Inc. will post -0.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Myriad Genetics

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC increased its stake in Myriad Genetics by 34.1% during the third quarter. GAMMA Investing LLC now owns 1,620 shares of the company’s stock worth $44,000 after purchasing an additional 412 shares during the period. Atria Investments Inc increased its stake in Myriad Genetics by 5.4% during the 3rd quarter. Atria Investments Inc now owns 11,414 shares of the company’s stock worth $313,000 after buying an additional 581 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Myriad Genetics by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,285 shares of the company’s stock worth $87,000 after buying an additional 583 shares in the last quarter. Creative Planning grew its stake in shares of Myriad Genetics by 9.8% in the third quarter. Creative Planning now owns 9,949 shares of the company’s stock worth $273,000 after acquiring an additional 892 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Myriad Genetics during the third quarter worth $32,000. Hedge funds and other institutional investors 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.