Myriad Genetics (NASDAQ:MYGN) Downgraded to “Hold” Rating by StockNews.com

StockNews.com lowered shares of Myriad Genetics (NASDAQ:MYGN) from a buy rating to a hold rating in a report issued on Wednesday.

Several other equities research analysts have also recently weighed in on MYGN. The Goldman Sachs Group reduced their price target on Myriad Genetics from $29.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Leerink Partners downgraded shares of Myriad Genetics from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $30.00 to $21.00 in a research report on Monday, December 9th. Piper Sandler raised shares of Myriad Genetics from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $11.50 to $12.50 in a research report on Wednesday, March 12th. UBS Group cut their price objective on shares of Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Finally, Bank of America lowered their target price on shares of Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating for the company in a report on Monday, March 3rd. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $20.89.

Myriad Genetics Trading Down 3.3 %

NASDAQ:MYGN opened at $8.13 on Wednesday. Myriad Genetics has a 12 month low of $7.88 and a 12 month high of $29.30. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. The company has a 50-day moving average price of $11.36 and a 200-day moving average price of $15.93. The stock has a market cap of $742.34 million, a price-to-earnings ratio of -6.25 and a beta of 1.79.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) earnings per share 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 for the quarter, compared to the consensus estimate of $210.35 million. During the same period in the previous year, the firm posted ($0.12) earnings per share. Equities analysts predict that Myriad Genetics will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Myriad Genetics

A number of hedge funds have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd bought a new stake in shares of Myriad Genetics in the 3rd quarter worth $32,000. Sterling Capital Management LLC boosted its position in shares of Myriad Genetics by 829.9% during the fourth 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. KBC Group NV increased its holdings in Myriad Genetics by 132.8% in the 4th quarter. KBC Group NV now owns 5,845 shares of the company’s stock worth $80,000 after buying an additional 3,334 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. raised its position 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 buying an additional 1,471 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in Myriad Genetics during the 3rd quarter valued at about $153,000. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

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.