Myriad Genetics (NASDAQ:MYGN) Hits New 1-Year Low – Here’s What Happened

Myriad Genetics, Inc. (NASDAQ:MYGN) shares hit a new 52-week low during mid-day trading on Monday . The company traded as low as $9.72 and last traded at $9.89, with a volume of 202849 shares trading hands. The stock had previously closed at $10.18.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Craig Hallum started coverage on shares of Myriad Genetics in a report on Wednesday, February 12th. They set a “buy” rating and a $29.00 price objective on the stock. Morgan Stanley lowered their target price on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating on the stock in a report on Monday, November 18th. StockNews.com lowered shares of Myriad Genetics from a “buy” rating to a “hold” rating in a research report on Saturday, March 1st. Raymond James reaffirmed an “outperform” rating and issued a $19.00 price target (down previously from $27.00) on shares of Myriad Genetics in a report on Tuesday, February 25th. Finally, Leerink Partnrs cut shares of Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 9th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Myriad Genetics presently has an average rating of “Hold” and an average target price of $21.82.

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 company has a market cap of $876.57 million, a PE ratio of -7.38 and a beta of 1.79. The stock’s 50 day simple moving average is $12.95 and its two-hundred day simple moving average is $18.29.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, February 25th. 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 business had revenue of $210.60 million for the quarter, compared to analysts’ expectations of $210.35 million. During the same quarter in the prior year, the firm earned ($0.12) earnings per share. As a group, research analysts anticipate that Myriad Genetics, Inc. will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Point72 Hong Kong Ltd acquired a new stake in shares of Myriad Genetics during the third quarter valued at about $32,000. Sterling Capital Management LLC boosted its stake in shares of Myriad Genetics by 829.9% during the 4th quarter. Sterling Capital Management LLC now owns 2,864 shares of the company’s stock valued at $39,000 after buying an additional 2,556 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its position in shares of Myriad Genetics by 43.8% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,833 shares of the company’s stock worth $132,000 after buying an additional 1,471 shares in the last quarter. Meeder Asset Management Inc. increased its stake in shares of Myriad Genetics by 588.4% in the third quarter. Meeder Asset Management Inc. now owns 4,922 shares of the company’s stock worth $135,000 after buying an additional 4,207 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Myriad Genetics in the third quarter valued at $153,000. 99.02% of the stock is owned by institutional investors and hedge funds.

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.