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

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price reached 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 changing hands. The stock had previously closed at $10.18.

Wall Street Analysts Forecast Growth

Several research firms have commented on MYGN. Raymond James restated an “outperform” rating and issued a $19.00 target price (down previously from $27.00) on shares of Myriad Genetics in a research report on Tuesday, February 25th. StockNews.com lowered Myriad Genetics from a “buy” rating to a “hold” rating in a report on Saturday, March 1st. Piper Sandler raised Myriad Genetics from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $11.50 to $12.50 in a research note on Wednesday. Leerink Partnrs lowered Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 9th. Finally, Stephens reaffirmed an “equal weight” rating and set a $20.00 price objective on shares of Myriad Genetics in a research note on Thursday, January 16th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $21.89.

Myriad Genetics Stock Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90. The stock’s 50-day simple moving average is $12.80 and its two-hundred day simple moving average is $18.04. The stock has a market cap of $1.00 billion, a price-to-earnings ratio of -8.31 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). The business had revenue of $210.60 million for the quarter, compared to analyst estimates of $210.35 million. Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. During the same period in the prior year, the firm posted ($0.12) EPS. Analysts forecast that Myriad Genetics, Inc. will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MYGN. Atria Investments Inc grew its stake in shares of Myriad Genetics by 5.4% in the 3rd quarter. Atria Investments Inc now owns 11,414 shares of the company’s stock valued at $313,000 after purchasing an additional 581 shares during the period. State of New Jersey Common Pension Fund D bought a new stake in Myriad Genetics in the third quarter valued at $1,965,000. GSA Capital Partners LLP acquired a new position in Myriad Genetics during the third quarter worth $505,000. Simplify Asset Management Inc. acquired a new stake in Myriad Genetics in the 3rd quarter valued at about $4,756,000. Finally, Natixis Advisors LLC raised its stake in shares of Myriad Genetics by 16.2% in the third quarter. Natixis Advisors LLC now owns 320,013 shares of the company’s stock worth $8,765,000 after acquiring an additional 44,646 shares during 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.