Myriad Genetics (NASDAQ:MYGN) Sets New 12-Month Low – What’s Next?

Myriad Genetics, Inc. (NASDAQ:MYGN) shares reached a new 52-week low on Thursday . The stock traded as low as $14.20 and last traded at $14.75, with a volume of 350350 shares. The stock had previously closed at $14.51.

Wall Street Analyst Weigh In

Several research firms have commented on MYGN. Wells Fargo & Company began coverage on shares of Myriad Genetics in a report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 target price on the stock. Bank of America lowered their price objective on shares of Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating for the company in a research report on Friday. Leerink Partners downgraded Myriad Genetics from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $30.00 to $21.00 in a report on Monday, December 9th. UBS Group assumed coverage on Myriad Genetics in a report on Tuesday. They set a “neutral” rating and a $18.00 price target for the company. Finally, Leerink Partnrs downgraded Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 9th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Myriad Genetics has a consensus rating of “Hold” and a consensus target price of $24.17.

Myriad Genetics Stock Performance

The company’s 50-day simple moving average is $18.82 and its 200-day simple moving average is $23.57. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of -11.10 and a beta of 1.87. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05.

Insiders Place Their Bets

In other news, CEO Paul J. Diaz sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $22.93, for a total value of $343,950.00. Following the transaction, the chief executive officer now owns 962,378 shares in the company, valued at approximately $22,067,327.54. The trade was a 1.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Myriad Genetics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Loomis Sayles & Co. L P increased its holdings in Myriad Genetics by 153.7% in the third quarter. Loomis Sayles & Co. L P now owns 2,189,601 shares of the company’s stock worth $59,973,000 after purchasing an additional 1,326,497 shares in the last quarter. Disciplined Growth Investors Inc. MN increased its stake in Myriad Genetics by 21.1% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock valued at $69,226,000 after purchasing an additional 440,107 shares in the last quarter. Iron Triangle Partners LP bought a new position in shares of Myriad Genetics in the third quarter valued at $11,007,000. State Street Corp increased its position in shares of Myriad Genetics by 8.3% during the third quarter. State Street Corp now owns 4,703,442 shares of the company’s stock worth $128,827,000 after acquiring an additional 359,685 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of Myriad Genetics by 26.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,063,711 shares of the company’s stock worth $29,135,000 after acquiring an additional 224,255 shares during the last quarter. 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.