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

StockNews.com cut shares of Myriad Genetics (NASDAQ:MYGN) from a buy rating to a hold rating in a research note released on Wednesday.

Several other research firms have also recently weighed in on MYGN. Craig Hallum assumed coverage on shares of Myriad Genetics in a report on Wednesday, February 12th. They issued a “buy” rating and a $29.00 price target on the stock. Raymond James reaffirmed an “outperform” rating and issued a $19.00 price target (down previously from $27.00) on shares of Myriad Genetics in a report on Tuesday, February 25th. Bank of America cut their price objective on Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating for the company in a report on Monday, March 3rd. Scotiabank lowered their target price on shares of Myriad Genetics from $24.00 to $20.00 and set a “sector outperform” rating on the stock in a research note on Tuesday. Finally, Stephens reissued an “equal weight” rating and issued a $20.00 price target 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 issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $20.89.

Myriad Genetics Stock Performance

Shares of MYGN opened at $8.13 on Wednesday. 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 has a market capitalization of $742.34 million, a price-to-earnings ratio of -6.25 and a beta of 1.79. Myriad Genetics has a 52-week low of $7.88 and a 52-week high of $29.30. The stock’s 50-day simple moving average is $11.36 and its 200 day simple moving average is $15.93.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.12). The firm had revenue of $210.60 million during the quarter, compared to the consensus estimate of $210.35 million. Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. During the same quarter last year, the business posted ($0.12) earnings per share. Research analysts forecast that Myriad Genetics will post -0.3 EPS for the current fiscal year.

Institutional Trading of Myriad Genetics

Several hedge funds have recently added to or reduced their stakes in the business. Point72 Hong Kong Ltd purchased a new position in shares of Myriad Genetics in the third quarter worth about $32,000. Sterling Capital Management LLC grew its position in Myriad Genetics by 829.9% during the 4th quarter. Sterling Capital Management LLC now owns 2,864 shares of the company’s stock worth $39,000 after acquiring an additional 2,556 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. increased 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. Quantbot Technologies LP bought a new stake in Myriad Genetics in the third quarter valued at approximately $153,000. Finally, KBC Group NV boosted its stake in shares of Myriad Genetics by 132.8% during the fourth quarter. KBC Group NV now owns 5,845 shares of the company’s stock valued at $80,000 after purchasing an additional 3,334 shares during the period. 99.02% of the stock is owned by institutional investors.

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.