StockNews.com Downgrades Myriad Genetics (NASDAQ:MYGN) to Hold

StockNews.com cut shares of Myriad Genetics (NASDAQ:MYGN) from a buy rating to a hold rating in a report issued on Thursday.

Several other brokerages also recently commented on MYGN. Wells Fargo & Company downgraded shares of Myriad Genetics from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $22.00 to $6.00 in a research note on Wednesday. Raymond James reiterated an “outperform” rating and issued a $10.00 price target (down from $19.00) on shares of Myriad Genetics in a research note on Wednesday. The Goldman Sachs Group lowered their target price on Myriad Genetics from $14.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday. Craig Hallum set a $18.00 price objective on shares of Myriad Genetics and gave the company a “buy” rating in a report on Wednesday. Finally, Stephens reaffirmed an “equal weight” rating and set a $20.00 price target on shares of Myriad Genetics in a research note on Thursday, January 16th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $16.04.

Myriad Genetics Stock Performance

Shares of NASDAQ:MYGN opened at $4.03 on Thursday. The company’s 50 day simple moving average is $8.48 and its 200 day simple moving average is $12.70. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. Myriad Genetics has a 1 year low of $3.98 and a 1 year high of $29.30. The stock has a market capitalization of $371.45 million, a price-to-earnings ratio of -3.10 and a beta of 2.01.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. The company had revenue of $195.90 million for the quarter, compared to analyst estimates of $200.37 million. During the same quarter last year, the company posted ($0.01) EPS. The company’s revenue for the quarter was down 33.6% compared to the same quarter last year. As a group, research analysts predict that Myriad Genetics will post -0.3 EPS for the current fiscal year.

Institutional Trading of Myriad Genetics

Several institutional investors and hedge funds have recently made changes to their positions in MYGN. Vanguard Group Inc. boosted its stake in Myriad Genetics by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 10,591,043 shares of the company’s stock valued at $145,203,000 after acquiring an additional 279,379 shares during the last quarter. Earnest Partners LLC increased its stake in Myriad Genetics by 0.4% in the 4th quarter. Earnest Partners LLC now owns 3,971,598 shares of the company’s stock worth $54,451,000 after acquiring an additional 15,650 shares during the last quarter. Artisan Partners Limited Partnership grew its stake in Myriad Genetics by 13.9% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,766,729 shares of the company’s stock worth $37,932,000 after buying an additional 336,770 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Myriad Genetics by 7.4% during the 4th quarter. Sei Investments Co. now owns 2,526,761 shares of the company’s stock valued at $34,642,000 after buying an additional 174,770 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted 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 buying an additional 668,429 shares in the last quarter. Hedge funds and other institutional investors own 99.02% of the company’s stock.

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.