Myriad Genetics (NASDAQ:MYGN) Hits New 1-Year Low Following Analyst Downgrade

Myriad Genetics, Inc. (NASDAQ:MYGN)’s stock price hit a new 52-week low during mid-day trading 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. The stock had previously closed at $8.88.

Several other equities analysts have also commented on MYGN. Scotiabank decreased their target price on shares of Myriad Genetics from $24.00 to $20.00 and set a “sector outperform” rating on the stock in a report on Tuesday. Stephens restated an “equal weight” rating and set a $20.00 price objective on shares of Myriad Genetics in a research report on Thursday, January 16th. Bank of America cut their target price on Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating for the company in a research note on Monday, March 3rd. Leerink Partners cut Myriad Genetics from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $30.00 to $21.00 in a report on Monday, December 9th. Finally, UBS Group reduced their price objective on Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Myriad Genetics currently has a consensus rating of “Hold” and a consensus price target of $20.89.

Hedge Funds Weigh In On Myriad Genetics

Hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its position in Myriad Genetics by 4.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,083,302 shares of the company’s stock valued at $29,672,000 after purchasing an additional 41,374 shares during the period. FMR LLC increased its position in shares of Myriad Genetics by 23.6% during the third quarter. FMR LLC now owns 69,822 shares of the company’s stock worth $1,912,000 after buying an additional 13,319 shares during the period. Quantbot Technologies LP bought a new position in Myriad Genetics during the third quarter worth $153,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Myriad Genetics by 10.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 198,256 shares of the company’s stock valued at $5,430,000 after buying an additional 18,446 shares during the period. Finally, Verition Fund Management LLC boosted its position in Myriad Genetics by 946.9% during the third quarter. Verition Fund Management LLC now owns 88,903 shares of the company’s stock valued at $2,435,000 after acquiring an additional 80,411 shares during the last quarter. 99.02% of the stock is currently owned by institutional investors.

Myriad Genetics Stock Performance

The stock has a market capitalization 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 quick ratio of 1.73 and a current ratio of 1.90. The stock has a fifty day simple moving average of $11.54 and a two-hundred day simple moving average of $16.12.

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

Myriad Genetics Company Profile

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.