Myriad Genetics (NASDAQ:MYGN) Reaches New 12-Month Low – Here’s Why

Myriad Genetics, Inc. (NASDAQ:MYGN) shares reached a new 52-week low on Wednesday . The stock traded as low as $9.23 and last traded at $9.27, with a volume of 264735 shares traded. The stock had previously closed at $9.73.

Wall Street Analyst Weigh In

Several equities analysts have commented on MYGN shares. Craig Hallum started coverage on Myriad Genetics in a report on Wednesday, February 12th. They set a “buy” rating and a $29.00 price target on the stock. Stephens reiterated an “equal weight” rating and issued a $20.00 target price on shares of Myriad Genetics in a report on Thursday, January 16th. Piper Sandler upgraded shares of Myriad Genetics from a “neutral” rating to an “overweight” rating and upped their price target for the company from $11.50 to $12.50 in a report on Wednesday, March 12th. Leerink Partnrs downgraded Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 9th. Finally, Leerink Partners cut Myriad Genetics from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $30.00 to $21.00 in a research report on Monday, December 9th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, Myriad Genetics has an average rating of “Hold” and a consensus target price of $21.89.

Myriad Genetics Stock Down 4.6 %

The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. The business’s fifty day moving average price is $11.97 and its 200 day moving average price is $16.80. The company has a market capitalization of $847.35 million, a P/E ratio of -7.13 and a beta of 1.79.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $210.35 million. During the same quarter in the prior year, the business earned ($0.12) EPS. As a group, equities research analysts predict that Myriad Genetics, Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Myriad Genetics

A number of hedge funds have recently made changes to their positions in the company. Quest Partners LLC increased its holdings in shares of Myriad Genetics by 50.8% during the third quarter. Quest Partners LLC now owns 8,001 shares of the company’s stock worth $219,000 after buying an additional 2,697 shares in the last quarter. Intech Investment Management LLC increased its holdings in Myriad Genetics by 32.0% during the 3rd quarter. Intech Investment Management LLC now owns 29,055 shares of the company’s stock valued at $796,000 after purchasing an additional 7,043 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Myriad Genetics by 4.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,083,302 shares of the company’s stock valued at $29,672,000 after purchasing an additional 41,374 shares during the last quarter. Algert Global LLC boosted its stake in Myriad Genetics by 135.2% in the third quarter. Algert Global LLC now owns 21,280 shares of the company’s stock worth $583,000 after purchasing an additional 12,232 shares in the last quarter. Finally, Fisher Asset Management LLC grew its holdings in shares of Myriad Genetics by 47.8% during the third quarter. Fisher Asset Management LLC now owns 602,842 shares of the company’s stock worth $16,512,000 after purchasing an additional 195,094 shares during the last quarter. Institutional investors and hedge funds 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.