Myriad Genetics (NASDAQ:MYGN) Shares Down 5.1% – Time to Sell?

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) were down 5.1% during trading on Monday . The company traded as low as $5.85 and last traded at $5.8660. 188,228 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 1,591,536 shares. The stock had previously closed at $6.18.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Weiss Ratings upgraded Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 14th. Wells Fargo & Company reduced their target price on Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Wednesday, May 6th. Finally, TD Cowen decreased their price target on shares of Myriad Genetics from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $6.50.

Myriad Genetics Stock Performance

The company has a debt-to-equity ratio of 0.36, a current ratio of 2.40 and a quick ratio of 2.19. The stock has a market capitalization of $560.56 million, a P/E ratio of -1.38 and a beta of 1.64. The company has a fifty day moving average of $4.80 and a two-hundred day moving average of $5.00.

Myriad Genetics (NASDAQ:MYGN) last released its earnings results on Tuesday, May 5th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). Myriad Genetics had a negative return on equity of 8.51% and a negative net margin of 48.24%.The firm had revenue of $200.40 million for the quarter, compared to the consensus estimate of $202.42 million. During the same period in the prior year, the business earned ($0.03) EPS. The company’s quarterly revenue was up 2.3% on a year-over-year basis. On average, equities analysts anticipate that Myriad Genetics, Inc. will post -0.17 EPS for the current year.

Insiders Place Their Bets

In other Myriad Genetics news, Director Paul Bisaro acquired 7,500 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were purchased at an average price of $3.69 per share, for a total transaction of $27,675.00. Following the completion of the purchase, the director directly owned 97,441 shares in the company, valued at $359,557.29. The trade was a 8.34% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Rashmi Kumar sold 15,000 shares of Myriad Genetics stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $4.46, for a total value of $66,900.00. Following the completion of the transaction, the director owned 171,889 shares of the company’s stock, valued at approximately $766,624.94. The trade was a 8.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Myriad Genetics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Orbimed Advisors LLC bought a new stake in shares of Myriad Genetics in the 1st quarter worth approximately $562,500,000. Vanguard Group Inc. lifted its stake in Myriad Genetics by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 8,225,371 shares of the company’s stock valued at $50,586,000 after buying an additional 342,856 shares during the last quarter. Millennium Management LLC lifted its stake in Myriad Genetics by 41.1% in the fourth quarter. Millennium Management LLC now owns 6,700,158 shares of the company’s stock valued at $41,206,000 after buying an additional 1,951,831 shares during the last quarter. State Street Corp boosted its holdings in shares of Myriad Genetics by 19.9% during the fourth quarter. State Street Corp now owns 5,966,567 shares of the company’s stock valued at $36,694,000 after acquiring an additional 990,075 shares during the period. Finally, Glenview Capital Management LLC grew its position in shares of Myriad Genetics by 17.6% during the second quarter. Glenview Capital Management LLC now owns 4,587,407 shares of the company’s stock worth $24,359,000 after acquiring an additional 687,857 shares during the last quarter. 99.02% of the stock is currently owned by institutional investors and hedge funds.

Myriad Genetics Company Profile

Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.