Wall Street Zen Downgrades Myriad Genetics (NASDAQ:MYGN) to Sell

Myriad Genetics (NASDAQ:MYGN) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

MYGN has been the subject of several other reports. Zacks Research downgraded Myriad Genetics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 4th. Wells Fargo & Company decreased their target price on Myriad Genetics from $5.50 to $3.00 and set an “equal weight” rating on the stock in a research report on Monday, August 3rd. TD Cowen lowered their target price on Myriad Genetics from $6.00 to $4.00 and set a “hold” rating for the company in a research note on Friday, July 31st. Finally, Weiss Ratings cut shares of Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $5.38.

Myriad Genetics Price Performance

MYGN stock opened at $3.26 on Friday. The company has a quick ratio of 1.98, a current ratio of 2.21 and a debt-to-equity ratio of 0.40. Myriad Genetics has a 12 month low of $2.74 and a 12 month high of $8.59. The firm has a market cap of $311.82 million, a P/E ratio of -2.74 and a beta of 1.69. The company’s 50-day moving average price is $5.01 and its two-hundred day moving average price is $4.82.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.19). Myriad Genetics had a negative return on equity of 16.09% and a negative net margin of 13.96%.The firm had revenue of $190.70 million for the quarter, compared to analyst estimates of $206.03 million. During the same quarter in the prior year, the business posted $0.05 EPS. The business’s revenue was down 10.5% on a year-over-year basis. On average, analysts anticipate that Myriad Genetics will post -0.62 earnings per share for the current fiscal year.

Insider Transactions at Myriad Genetics

In other news, Director Rashmi Kumar sold 15,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $4.46, for a total transaction of $66,900.00. Following the completion of the transaction, the director directly owned 171,889 shares in the company, valued at $766,624.94. This trade represents a 8.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Bisaro acquired 7,500 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was bought at an average cost of $3.69 per share, for a total transaction of $27,675.00. Following the completion of the purchase, the director owned 97,441 shares of the company’s stock, valued at $359,557.29. This trade represents a 8.34% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 1.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Orbimed Advisors LLC bought a new stake in shares of Myriad Genetics in the 1st quarter valued at $562,500,000. BlackRock Inc. bought a new position in Myriad Genetics during the second quarter worth $62,184,000. Vanguard Group Inc. lifted its holdings in Myriad Genetics by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 8,225,371 shares of the company’s stock valued at $50,586,000 after buying an additional 342,856 shares during the period. Millennium Management LLC lifted its holdings in Myriad Genetics by 41.1% in the fourth quarter. Millennium Management LLC now owns 6,700,158 shares of the company’s stock valued at $41,206,000 after buying an additional 1,951,831 shares during the period. Finally, State Street Corp lifted its holdings in Myriad Genetics by 19.9% in the fourth quarter. State Street Corp now owns 5,966,567 shares of the company’s stock valued at $36,694,000 after buying an additional 990,075 shares during the period. Institutional investors own 99.02% of the company’s stock.

About Myriad Genetics

Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.