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

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Leerink Partners cut Myriad Genetics from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $30.00 to $21.00 in a research report on Monday, December 9th. UBS Group assumed coverage on Myriad Genetics in a research report on Tuesday, December 10th. They set a “neutral” rating and a $18.00 price target on the stock. Bank of America lowered their price target 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. Morgan Stanley reduced their price objective on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a research note on Monday, November 18th. Finally, Stephens reissued an “equal weight” rating and set a $20.00 price objective on shares of Myriad Genetics in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Myriad Genetics presently has an average rating of “Hold” and an average price target of $23.92.

Myriad Genetics Stock Down 4.8 %

The company has a 50-day moving average price of $14.78 and a 200 day moving average price of $21.97. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05.

Institutional Trading of Myriad Genetics

Several hedge funds and other institutional investors have recently modified their holdings of the business. Nordea Investment Management AB boosted its position in shares of Myriad Genetics by 117.0% in the fourth quarter. Nordea Investment Management AB now owns 332,913 shares of the company’s stock worth $4,548,000 after buying an additional 179,527 shares during the period. Franklin Resources Inc. raised its holdings in shares of Myriad Genetics by 8.8% during the third quarter. Franklin Resources Inc. now owns 58,055 shares of the company’s stock worth $1,457,000 after acquiring an additional 4,710 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Myriad Genetics by 1.0% during the third quarter. Geode Capital Management LLC now owns 2,154,035 shares of the company’s stock worth $59,010,000 after acquiring an additional 21,220 shares in the last quarter. Disciplined Growth Investors Inc. MN raised its holdings in shares of Myriad Genetics by 21.1% during the third quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock worth $69,226,000 after acquiring an additional 440,107 shares in the last quarter. Finally, Barclays PLC raised its holdings in shares of Myriad Genetics by 136.9% during the third quarter. Barclays PLC now owns 190,243 shares of the company’s stock worth $5,210,000 after acquiring an additional 109,931 shares in the last quarter. Institutional investors and hedge funds 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.