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

Myriad Genetics, Inc. (NASDAQ:MYGN) hit a new 52-week low during trading on Wednesday . The stock traded as low as $12.81 and last traded at $12.96, with a volume of 264287 shares. The stock had previously closed at $13.68.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. StockNews.com raised shares of Myriad Genetics from a “hold” rating to a “buy” rating in a report on Thursday, January 9th. UBS Group assumed coverage on shares of Myriad Genetics in a research note on Tuesday, December 10th. They issued a “neutral” rating and a $18.00 price target on the stock. 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 note on Monday, December 9th. Bank of America decreased their target price on Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating on the stock in a research report on Friday, December 13th. Finally, Leerink Partnrs cut Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 9th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $24.27.

Myriad Genetics Stock Down 3.9 %

The firm has a 50-day moving average of $14.98 and a two-hundred day moving average of $22.10. 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 company has a market capitalization of $1.20 billion, a PE ratio of -10.11 and a beta of 1.89.

Institutional Trading of Myriad Genetics

Hedge funds and other institutional investors have recently modified their holdings of the business. Point72 Hong Kong Ltd purchased a new position in Myriad Genetics during the third quarter worth about $32,000. GAMMA Investing LLC boosted its position in shares of Myriad Genetics by 34.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,620 shares of the company’s stock worth $44,000 after purchasing an additional 412 shares during the period. Point72 DIFC Ltd purchased a new stake in Myriad Genetics in the second quarter valued at approximately $60,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Myriad Genetics during the second quarter worth $82,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Myriad Genetics by 21.6% in the third 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. 99.02% of the stock is owned by institutional investors and hedge funds.

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.