Myriad Genetics (NASDAQ:MYGN) Sets New 12-Month Low – Here’s What Happened

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

Analyst Ratings Changes

MYGN has been the topic of a number of analyst reports. Piper Sandler raised shares of Myriad Genetics from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $11.50 to $12.50 in a report on Wednesday, March 12th. Leerink Partnrs lowered Myriad Genetics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 9th. Raymond James reaffirmed an “outperform” rating and set a $19.00 target price (down previously from $27.00) on shares of Myriad Genetics in a research note on Tuesday, February 25th. Craig Hallum started coverage on Myriad Genetics in a research note on Wednesday, February 12th. They issued a “buy” rating and a $29.00 price target for the company. Finally, StockNews.com upgraded shares of Myriad Genetics from a “hold” rating to a “buy” rating in a research note on Tuesday. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $21.89.

Myriad Genetics Stock Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. The firm has a market capitalization of $810.82 million, a PE ratio of -6.83 and a beta of 1.79. The firm has a fifty day moving average price of $11.83 and a 200 day moving average price of $16.70.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.12). The firm had revenue of $210.60 million during the quarter, compared to analysts’ expectations of $210.35 million. Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. During the same quarter last year, the company posted ($0.12) EPS. Research analysts anticipate 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 and other institutional investors have recently added to or reduced their stakes in MYGN. Point72 Hong Kong Ltd acquired a new position in Myriad Genetics in the 3rd quarter worth about $32,000. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Myriad Genetics by 43.8% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,833 shares of the company’s stock valued at $132,000 after buying an additional 1,471 shares in the last quarter. Blue Trust Inc. increased its holdings in Myriad Genetics by 14.1% in the fourth quarter. Blue Trust Inc. now owns 14,451 shares of the company’s stock worth $198,000 after buying an additional 1,788 shares during the last quarter. Swiss National Bank raised its position in Myriad Genetics by 1.0% during the fourth quarter. Swiss National Bank now owns 178,600 shares of the company’s stock valued at $2,449,000 after acquiring an additional 1,800 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Myriad Genetics by 0.4% in the fourth quarter. Bank of New York Mellon Corp now owns 646,003 shares of the company’s stock valued at $8,857,000 after acquiring an additional 2,256 shares during 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.