Myriad Genetics (NASDAQ:MYGN) Hits New 52-Week Low – What’s Next?

Myriad Genetics, Inc. (NASDAQ:MYGN)’s stock price reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $9.23 and last traded at $9.27, with a volume of 264735 shares traded. The stock had previously closed at $9.73.

Analyst Upgrades and Downgrades

MYGN has been the subject of several recent analyst reports. Craig Hallum started coverage on shares of Myriad Genetics in a report on Wednesday, February 12th. They issued a “buy” rating and a $29.00 price objective for the company. Leerink Partners downgraded 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. The Goldman Sachs Group lowered their target price on Myriad Genetics from $29.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. Bank of America cut their price target on shares of Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating for the company in a report on Monday, March 3rd. Finally, Raymond James reaffirmed an “outperform” rating and issued a $19.00 price objective (down previously from $27.00) on shares of Myriad Genetics in a research note on Tuesday, February 25th. Three analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Myriad Genetics has a consensus rating of “Hold” and an average target price of $21.89.

Myriad Genetics Trading Down 4.6 %

The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90. The stock has a market cap of $847.35 million, a price-to-earnings ratio of -7.13 and a beta of 1.79. The company’s 50 day simple moving average is $11.97 and its two-hundred day simple moving average is $16.80.

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

Institutional Investors Weigh In On Myriad Genetics

Several institutional investors have recently made changes to their positions in MYGN. Nordea Investment Management AB raised its position in Myriad Genetics by 117.0% during 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 raised its holdings in shares of Myriad Genetics by 144.2% during the 4th quarter. Jennison Associates LLC now owns 59,015 shares of the company’s stock valued at $809,000 after purchasing an additional 34,853 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Myriad Genetics by 6.4% in 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 during the last quarter. Barclays PLC boosted its holdings in Myriad Genetics by 136.9% in the third quarter. Barclays PLC now owns 190,243 shares of the company’s stock worth $5,210,000 after purchasing an additional 109,931 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its position in Myriad Genetics by 26.7% during the third 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 during the last quarter. 99.02% of the stock is currently 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.