Myriad Genetics (NASDAQ:MYGN) Reaches New 1-Year Low – Here’s Why

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) reached a new 52-week low during mid-day trading on Monday . The company traded as low as $7.81 and last traded at $7.89, with a volume of 53125 shares trading hands. The stock had previously closed at $8.13.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Stephens reissued an “equal weight” rating and set a $20.00 price target on shares of Myriad Genetics in a research report on Thursday, January 16th. Craig Hallum started coverage on Myriad Genetics in a research report on Wednesday, February 12th. They set a “buy” rating and a $29.00 price objective for the company. Leerink Partnrs lowered shares of Myriad Genetics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 9th. Piper Sandler upgraded shares of Myriad Genetics from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $11.50 to $12.50 in a report on Wednesday, March 12th. Finally, StockNews.com downgraded shares of Myriad Genetics from a “buy” rating to a “hold” rating in a research note on Wednesday, April 2nd. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Myriad Genetics currently has an average rating of “Hold” and an average price target of $20.89.

Myriad Genetics Stock Performance

The stock’s 50-day moving average is $11.36 and its 200-day moving average is $15.75. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. The stock has a market cap of $732.30 million, a price-to-earnings ratio of -6.19 and a beta of 1.87.

Myriad Genetics (NASDAQ:MYGN) last issued its earnings results on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $210.35 million. During the same period in the prior year, the business posted ($0.12) EPS. On average, analysts expect that Myriad Genetics, Inc. will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Myriad Genetics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sterling Capital Management LLC raised its stake in shares of Myriad Genetics by 829.9% during the fourth quarter. Sterling Capital Management LLC now owns 2,864 shares of the company’s stock valued at $39,000 after purchasing an additional 2,556 shares during the period. KBC Group NV lifted its holdings in Myriad Genetics by 132.8% in the 4th quarter. KBC Group NV now owns 5,845 shares of the company’s stock worth $80,000 after buying an additional 3,334 shares in the last quarter. Inspire Advisors LLC boosted its position in Myriad Genetics by 48.1% in the 4th quarter. Inspire Advisors LLC now owns 11,226 shares of the company’s stock valued at $154,000 after buying an additional 3,644 shares during the last quarter. E Fund Management Co. Ltd. acquired a new stake in shares of Myriad Genetics during the fourth quarter valued at about $161,000. Finally, Syon Capital LLC purchased a new stake in shares of Myriad Genetics during the fourth quarter worth about $176,000. 99.02% of the stock is 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.