Myriad Genetics (NASDAQ:MYGN) Hits New 1-Year Low Following Weak Earnings

Myriad Genetics, Inc. (NASDAQ:MYGN)’s stock price reached a new 52-week low on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $9.76 and last traded at $11.63, with a volume of 405660 shares trading hands. The stock had previously closed at $13.78.

The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $210.60 million for the quarter, compared to analyst estimates of $210.35 million. During the same quarter last year, the business earned ($0.12) earnings per share.

Analyst Ratings Changes

MYGN has been the topic of a number of recent analyst reports. Leerink Partners cut Myriad Genetics from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $30.00 to $21.00 in a research report on Monday, December 9th. The Goldman Sachs Group reduced their price objective on shares of Myriad Genetics from $29.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Piper Sandler reduced their price objective on Myriad Genetics from $24.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. StockNews.com cut Myriad Genetics from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. Finally, Morgan Stanley reduced their price objective on shares of Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a research note on Monday, November 18th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Myriad Genetics presently has an average rating of “Hold” and a consensus price target of $22.54.

Institutional Investors Weigh In On Myriad Genetics

Several hedge funds have recently bought and sold shares of MYGN. Point72 Hong Kong Ltd bought a new position in shares of Myriad Genetics in the third quarter worth approximately $32,000. Sterling Capital Management LLC raised its holdings in Myriad Genetics by 829.9% in the 4th quarter. Sterling Capital Management LLC now owns 2,864 shares of the company’s stock worth $39,000 after purchasing an additional 2,556 shares during the period. KBC Group NV grew its holdings in Myriad Genetics by 132.8% during the fourth quarter. KBC Group NV now owns 5,845 shares of the company’s stock valued at $80,000 after purchasing an additional 3,334 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Myriad Genetics by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,285 shares of the company’s stock valued at $87,000 after buying an additional 583 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its position in shares of Myriad Genetics by 43.8% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,833 shares of the company’s stock worth $132,000 after purchasing an additional 1,471 shares during the period. Institutional investors own 99.02% of the company’s stock.

Myriad Genetics Stock Performance

The stock has a market cap of $1.08 billion, a P/E ratio of -8.96 and a beta of 1.88. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average price of $13.45 and a two-hundred day moving average price of $19.38.

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.