Myriad Genetics (NASDAQ:MYGN) Hits New 52-Week Low – Here’s What Happened

Myriad Genetics, Inc. (NASDAQ:MYGN)’s stock price reached a new 52-week low during trading on Friday . The company traded as low as $14.34 and last traded at $14.54, with a volume of 112349 shares. The stock had previously closed at $16.36.

Analyst Ratings Changes

MYGN has been the topic of several recent analyst reports. StockNews.com downgraded Myriad Genetics from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Morgan Stanley reduced their price target on 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. Wells Fargo & Company started coverage on Myriad Genetics in a report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 price target for the company. Scotiabank boosted their target price on Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 13th. Finally, Piper Sandler cut their price objective on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating for the company in a research report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $27.36.

Myriad Genetics Stock Performance

The company has a 50-day simple moving average of $20.26 and a two-hundred day simple moving average of $23.94. 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 firm has a market capitalization of $1.36 billion, a P/E ratio of -11.18 and a beta of 1.87.

Insider Buying and Selling

In other news, CEO Paul J. Diaz sold 15,000 shares of the business’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $22.93, for a total transaction of $343,950.00. Following the completion of the sale, the chief executive officer now owns 962,378 shares of the company’s stock, valued at $22,067,327.54. The trade was a 1.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Heinrich Dreismann sold 10,000 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction of $270,500.00. Following the completion of the transaction, the director now directly owns 121,648 shares of the company’s stock, valued at $3,290,578.40. This represents a 7.60 % decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

Institutional Trading of Myriad Genetics

Several institutional investors have recently added to or reduced their stakes in MYGN. GAMMA Investing LLC raised its stake in Myriad Genetics by 34.1% in the third quarter. GAMMA Investing LLC now owns 1,620 shares of the company’s stock worth $44,000 after buying an additional 412 shares in the last quarter. Hexagon Capital Partners LLC raised its stake in Myriad Genetics by 75.3% in the second quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock worth $28,000 after buying an additional 491 shares in the last quarter. Atria Investments Inc grew its holdings in Myriad Genetics by 5.4% in the third quarter. Atria Investments Inc now owns 11,414 shares of the company’s stock worth $313,000 after purchasing an additional 581 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Myriad Genetics by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,285 shares of the company’s stock worth $87,000 after purchasing an additional 583 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in Myriad Genetics by 3.4% in the second quarter. Arizona State Retirement System now owns 25,160 shares of the company’s stock worth $615,000 after purchasing an additional 829 shares during the last quarter. Institutional investors 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.