Myriad Genetics, Inc. (NASDAQ:MYGN) Receives Consensus Recommendation of “Reduce” from Analysts

Myriad Genetics, Inc. (NASDAQ:MYGN) has earned an average recommendation of “Reduce” from the seven research firms that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $4.90.

MYGN has been the topic of a number of analyst reports. Weiss Ratings downgraded Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, July 30th. Stephens dropped their price target on shares of Myriad Genetics from $5.00 to $3.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 18th. TD Cowen reduced their price target on shares of Myriad Genetics from $6.00 to $4.00 and set a “hold” rating on the stock in a research note on Friday, July 31st. Wells Fargo & Company decreased their price objective on shares of Myriad Genetics from $5.50 to $3.00 and set an “equal weight” rating on the stock in a report on Monday, August 3rd. Finally, Wall Street Zen cut shares of Myriad Genetics from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th.

Insider Activity

In related news, Director Rashmi Kumar sold 15,000 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $4.46, for a total value of $66,900.00. Following the sale, the director owned 171,889 shares in the company, valued at approximately $766,624.94. The trade was a 8.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of Myriad Genetics

Institutional investors and hedge funds have recently bought and sold shares of the business. Orbimed Advisors LLC purchased a new stake in Myriad Genetics during the first quarter worth about $562,500,000. BlackRock Inc. acquired a new position in shares of Myriad Genetics in the second quarter valued at approximately $62,184,000. Millennium Management LLC grew its holdings in shares of 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 purchasing an additional 1,951,831 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Myriad Genetics by 157.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company’s stock worth $17,662,000 after buying an additional 1,492,405 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Myriad Genetics during the 2nd quarter worth approximately $8,039,000. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

Myriad Genetics Price Performance

MYGN stock traded down $0.09 during trading on Monday, hitting $3.12. The stock had a trading volume of 116,539 shares, compared to its average volume of 1,714,504. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.21 and a quick ratio of 1.98. Myriad Genetics has a twelve month low of $2.74 and a twelve month high of $8.59. The stock has a market capitalization of $297.95 million, a P/E ratio of -2.61 and a beta of 1.69. The company’s 50-day moving average price is $4.75 and its two-hundred day moving average price is $4.64.

Myriad Genetics (NASDAQ:MYGN) last announced its 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 business had revenue of $190.70 million for the quarter, compared to analyst estimates of $206.03 million. During the same period last year, the firm earned $0.05 EPS. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, research analysts predict that Myriad Genetics will post -0.99 EPS for the current fiscal year.

Myriad Genetics Company Profile

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.