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

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $8.53 and last traded at $8.87, with a volume of 1095635 shares. The stock had previously closed at $8.88.

Analysts Set New Price Targets

MYGN has been the subject of a number of recent analyst reports. 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. The Goldman Sachs Group dropped their target price on shares of Myriad Genetics from $29.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, January 28th. Bank of America reduced their price target on Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating on the stock in a report on Monday, March 3rd. Leerink Partnrs lowered Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 9th. Finally, Leerink Partners lowered 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 investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Myriad Genetics currently has an average rating of “Hold” and an average price target of $21.89.

Myriad Genetics Stock Performance

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 firm has a market cap of $809.91 million, a P/E ratio of -6.82 and a beta of 1.79. The business has a fifty day simple moving average of $11.69 and a 200-day simple moving average of $16.30.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.12). The business had revenue of $210.60 million for 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 period last year, the business earned ($0.12) earnings per share. On average, sell-side analysts predict that Myriad Genetics, Inc. will post -0.3 EPS for the current fiscal year.

Institutional Trading of Myriad Genetics

Several hedge funds and other institutional investors have recently made changes to their positions in MYGN. Vanguard Group Inc. boosted its holdings in Myriad Genetics by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 10,591,043 shares of the company’s stock worth $145,203,000 after acquiring an additional 279,379 shares in the last quarter. State Street Corp boosted its stake in Myriad Genetics by 8.3% in the 3rd quarter. State Street Corp now owns 4,703,442 shares of the company’s stock worth $128,827,000 after purchasing an additional 359,685 shares in the last quarter. Earnest Partners LLC grew its position in Myriad Genetics by 0.4% during the 4th quarter. Earnest Partners LLC now owns 3,971,598 shares of the company’s stock valued at $54,451,000 after purchasing an additional 15,650 shares during the last quarter. Artisan Partners Limited Partnership increased its stake in Myriad Genetics by 13.9% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,766,729 shares of the company’s stock valued at $37,932,000 after purchasing an additional 336,770 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN raised its holdings in Myriad Genetics by 21.1% in the third quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock worth $69,226,000 after buying an additional 440,107 shares during the last quarter. Hedge funds and other institutional investors own 99.02% of the company’s stock.

Myriad Genetics Company Profile

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.