Myriad Genetics (NASDAQ:MYGN) Reaches New 1-Year Low – What’s Next?

Myriad Genetics, Inc. (NASDAQ:MYGN) shares hit a new 52-week low during trading on Monday . The stock traded as low as $7.16 and last traded at $7.51, with a volume of 2666846 shares trading hands. The stock had previously closed at $7.37.

Wall Street Analysts Forecast Growth

MYGN has been the topic of several recent analyst reports. Bank of America dropped their price objective on Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating on the stock in a research report on Monday, March 3rd. Raymond James reiterated an “outperform” rating and set a $19.00 target price (down from $27.00) on shares of Myriad Genetics in a research note on Tuesday, February 25th. The Goldman Sachs Group reduced their price objective on Myriad Genetics from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Scotiabank reduced their price target on shares of Myriad Genetics from $24.00 to $20.00 and set a “sector outperform” rating for the company in a research report on Tuesday, April 1st. Finally, UBS Group dropped their price objective on shares of Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $20.61.

Myriad Genetics Stock Performance

The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average of $9.55 and a 200 day moving average of $13.62. The company has a market capitalization of $693.22 million, a P/E ratio of -5.81 and a beta of 1.87.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share 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 business had revenue of $210.60 million during the quarter, compared to the consensus estimate of $210.35 million. During the same quarter in the prior year, the firm posted ($0.12) EPS. On average, sell-side analysts predict that Myriad Genetics, Inc. will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Myriad Genetics

Institutional investors and hedge funds have recently modified their holdings of the stock. D. E. Shaw & Co. Inc. lifted its stake in Myriad Genetics by 58.1% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,819,814 shares of the company’s stock worth $24,950,000 after purchasing an additional 668,429 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Myriad Genetics by 377.6% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 549,456 shares of the company’s stock worth $7,533,000 after purchasing an additional 434,420 shares during the last quarter. Artisan Partners Limited Partnership boosted its stake in shares of Myriad Genetics by 13.9% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,766,729 shares of the company’s stock valued at $37,932,000 after purchasing an additional 336,770 shares during the period. Renaissance Technologies LLC increased its holdings in Myriad Genetics by 87.4% during the 4th quarter. Renaissance Technologies LLC now owns 684,874 shares of the company’s stock worth $9,390,000 after purchasing an additional 319,500 shares during the period. Finally, Fisher Asset Management LLC raised its holdings in shares of Myriad Genetics by 50.2% in the fourth quarter. Fisher Asset Management LLC now owns 905,209 shares of the company’s stock valued at $12,410,000 after acquiring an additional 302,367 shares in the last quarter. 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.