Myriad Genetics, Inc. (NASDAQ:MYGN) Given Consensus Recommendation of “Reduce” by Brokerages

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) have earned a consensus rating of “Reduce” from the seven research firms that are covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $3.12.

Several analysts have commented on the stock. UBS Group started coverage on shares of Myriad Genetics in a research report on Wednesday, September 9th. They set a “neutral” rating and a $3.60 target price for the company. Piper Sandler downgraded Myriad Genetics from an “overweight” rating to an “underweight” rating and dropped their price objective for the company from $5.45 to $2.00 in a report on Tuesday, September 1st. Wells Fargo & Company cut their target price on Myriad Genetics from $5.50 to $3.00 and set an “equal weight” rating on the stock in a research note on Monday, August 3rd. Wall Street Zen cut Myriad Genetics from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Zacks Research lowered Myriad Genetics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 4th.

Hedge Funds Weigh In On Myriad Genetics

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in Myriad Genetics during the 2nd quarter worth $62,184,000. Orbimed Advisors LLC bought a new position in Myriad Genetics during the first quarter worth about $562,500,000. Bank of New York Mellon Corp acquired a new stake in Myriad Genetics in the 2nd quarter worth about $1,930,000. Y Intercept Hong Kong Ltd boosted its holdings in Myriad Genetics by 83.3% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 654,224 shares of the company’s stock valued at $2,944,000 after purchasing an additional 297,331 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Myriad Genetics in the 2nd quarter valued at about $8,039,000. 99.02% of the stock is owned by institutional investors.

Myriad Genetics Price Performance

Shares of NASDAQ MYGN traded down $0.20 during midday trading on Friday, reaching $3.94. 289,451 shares of the company traded hands, compared to its average volume of 1,741,808. The firm has a market cap of $377.34 million, a PE ratio of -3.32 and a beta of 1.68. The stock’s 50-day simple moving average is $4.00 and its 200-day simple moving average is $4.45. Myriad Genetics has a 12 month low of $2.74 and a 12 month high of $8.59. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.98 and a current ratio of 2.21.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.19). Myriad Genetics had a negative return on equity of 16.09% and a negative net margin of 13.96%.The firm had revenue of $190.70 million for the quarter, compared to the consensus estimate of $206.03 million. During the same period in the prior year, the company posted $0.05 earnings per share. Myriad Genetics’s quarterly revenue was down 10.5% compared to the same quarter last year. As a group, equities analysts anticipate that Myriad Genetics will post -0.99 earnings per share for the current fiscal year.

Myriad Genetics Company Profile

Myriad Genetics, Inc is a molecular diagnostics company that develops and provides genetic tests designed to help healthcare providers assess disease risk, guide treatment decisions and support personalized care. The company serves physicians, health systems, pharmaceutical companies and patients, with a focus on areas including hereditary cancer, precision oncology, pharmacogenomics and women’s health.

Its portfolio includes hereditary cancer testing, such as MyRisk, and oncology tests that analyze tumor biology to help inform treatment planning.