StockNews.com Downgrades Myriad Genetics (NASDAQ:MYGN) to Hold

StockNews.com downgraded shares of Myriad Genetics (NASDAQ:MYGN) from a buy rating to a hold rating in a report published on Thursday.

Several other research analysts have also recently issued reports on MYGN. Morgan Stanley decreased 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 report on Monday, November 18th. Leerink Partners cut shares of Myriad Genetics from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $30.00 to $21.00 in a report on Monday, December 9th. Raymond James reiterated an “outperform” rating and issued a $19.00 price objective (down from $27.00) on shares of Myriad Genetics in a report on Tuesday, February 25th. Stephens reiterated an “equal weight” rating and issued a $20.00 price objective on shares of Myriad Genetics in a report on Thursday, January 16th. Finally, Piper Sandler upgraded shares of Myriad Genetics from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $11.50 to $12.50 in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Myriad Genetics has an average rating of “Hold” and a consensus target price of $21.89.

Myriad Genetics Price Performance

Shares of NASDAQ:MYGN opened at $10.07 on Thursday. The firm’s 50 day moving average is $12.59 and its two-hundred day moving average is $17.74. Myriad Genetics has a 52 week low of $9.36 and a 52 week high of $29.30. The firm has a market capitalization of $919.48 million, a P/E ratio of -7.75 and a beta of 1.79. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) last announced 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). Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. The firm had revenue of $210.60 million during the quarter, compared to analyst estimates of $210.35 million. During the same quarter in the previous year, the business posted ($0.12) EPS. Analysts anticipate that Myriad Genetics will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Myriad Genetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd acquired a new position in Myriad Genetics in the 3rd quarter worth approximately $32,000. Sterling Capital Management LLC boosted its stake 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. Point72 Asia Singapore Pte. Ltd. boosted its stake in Myriad Genetics by 43.8% in the 3rd 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. Meeder Asset Management Inc. boosted its stake in Myriad Genetics by 588.4% in the 3rd quarter. Meeder Asset Management Inc. now owns 4,922 shares of the company’s stock worth $135,000 after purchasing an additional 4,207 shares during the period. Finally, Quantbot Technologies LP acquired a new position in Myriad Genetics in the 3rd quarter worth approximately $153,000. Institutional investors and hedge funds 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.