Myriad Genetics (NASDAQ:MYGN) Cut to “Hold” at StockNews.com

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

MYGN has been the subject of a number of other reports. Piper Sandler raised shares of Myriad Genetics from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $11.50 to $12.50 in a research report on Wednesday. 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 research report on Monday, November 18th. Bank of America decreased their price objective on shares of Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating for the company in a research report on Monday, March 3rd. Raymond James reissued an “outperform” rating and issued a $19.00 price objective (down from $27.00) on shares of Myriad Genetics in a research report on Tuesday, February 25th. Finally, UBS Group decreased their price objective on shares of Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $21.89.

Myriad Genetics Trading Up 3.8 %

MYGN stock opened at $10.07 on Thursday. The company has a market cap of $919.48 million, a price-to-earnings ratio of -7.75 and a beta of 1.79. 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 business has a fifty day simple moving average of $12.59 and a 200-day simple moving average of $17.74. Myriad Genetics has a 52 week low of $9.36 and a 52 week high of $29.30.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates 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 period last year, the company posted ($0.12) earnings per share. On average, equities research analysts expect that Myriad Genetics will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Myriad Genetics

Several institutional investors and hedge funds have recently bought and sold shares of the business. Atria Investments Inc raised its stake in Myriad Genetics by 5.4% during the third quarter. Atria Investments Inc now owns 11,414 shares of the company’s stock worth $313,000 after acquiring an additional 581 shares during the period. Point72 Hong Kong Ltd acquired a new stake in Myriad Genetics during the third quarter worth about $32,000. Point72 Asia Singapore Pte. Ltd. raised its stake in 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 acquiring an additional 1,471 shares during the period. Blue Trust Inc. raised its stake in Myriad Genetics by 14.1% during the fourth quarter. Blue Trust Inc. now owns 14,451 shares of the company’s stock worth $198,000 after acquiring an additional 1,788 shares during the period. Finally, Swiss National Bank raised its stake in Myriad Genetics by 1.0% during the fourth quarter. Swiss National Bank now owns 178,600 shares of the company’s stock worth $2,449,000 after acquiring an additional 1,800 shares during the period. 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.