Myriad Genetics (NASDAQ:MYGN) Shares Gap Down – Here’s What Happened

Myriad Genetics, Inc. (NASDAQ:MYGN) shares gapped down before the market opened on Wednesday . The stock had previously closed at $7.73, but opened at $7.37. Myriad Genetics shares last traded at $7.59, with a volume of 88,975 shares changing hands.

Analyst Ratings Changes

MYGN has been the subject of a number of research reports. Raymond James reiterated an “outperform” rating and issued a $19.00 price objective (down from $27.00) on shares of Myriad Genetics in a research report on Tuesday, February 25th. StockNews.com upgraded shares of Myriad Genetics from a “hold” rating to a “buy” rating in a research report on Thursday. Stephens restated an “equal weight” rating and issued a $20.00 price objective on shares of Myriad Genetics in a report on Thursday, January 16th. Piper Sandler raised shares of Myriad Genetics from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $11.50 to $12.50 in a report on Wednesday, March 12th. Finally, Craig Hallum began coverage on Myriad Genetics in a research note on Wednesday, February 12th. They issued a “buy” rating and a $29.00 price target on the stock. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $20.89.

Myriad Genetics Stock Up 0.6 %

The firm has a 50-day simple moving average of $10.80 and a two-hundred day simple moving average of $15.11. The stock has a market cap of $730.47 million, a P/E ratio of -6.15 and a beta of 1.87. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results 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 analyst estimates of $210.35 million. During the same quarter in the prior year, the business posted ($0.12) EPS. Equities research analysts expect that Myriad Genetics, Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Trading of Myriad Genetics

Several hedge funds and other institutional investors have recently made changes to their positions in MYGN. FMR LLC boosted its position in Myriad Genetics by 23.6% during the 3rd 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Myriad Genetics by 10.3% during 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 worth $5,430,000 after purchasing an additional 18,446 shares during the period. State Street Corp lifted its holdings in shares of Myriad Genetics by 8.3% during the third quarter. State Street Corp now owns 4,703,442 shares of the company’s stock worth $128,827,000 after purchasing an additional 359,685 shares during the period. Jane Street Group LLC grew its stake in shares of Myriad Genetics by 19.4% in the third quarter. Jane Street Group LLC now owns 121,181 shares of the company’s stock worth $3,319,000 after purchasing an additional 19,684 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd increased its holdings in Myriad Genetics by 188.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 38,533 shares of the company’s stock valued at $1,055,000 after purchasing an additional 25,179 shares during the period. 99.02% of the stock is currently owned by institutional investors.

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.