Myriad Genetics (NASDAQ:MYGN) Sets New 52-Week Low – Should You Sell?

Myriad Genetics, Inc. (NASDAQ:MYGN)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $15.79 and last traded at $16.15, with a volume of 402743 shares trading hands. The stock had previously closed at $16.17.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on MYGN shares. TD Cowen increased their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. StockNews.com upgraded shares of Myriad Genetics from a “hold” rating to a “buy” rating in a report on Tuesday. Morgan Stanley started coverage on shares of Myriad Genetics in a report on Thursday, September 19th. They set an “equal weight” rating and a $32.00 target price for the company. Scotiabank increased their target price on shares of 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 dropped their target price on shares of Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating for the company in a report on Monday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $28.36.

Myriad Genetics Stock Down 2.4 %

The company’s fifty day moving average price is $24.09 and its 200-day moving average price is $24.76. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05.

Insider Activity

In related news, Director Colleen F. Reitan sold 46,012 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the completion of the sale, the director now owns 42,533 shares of the company’s stock, valued at $1,188,797.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Colleen F. Reitan sold 46,012 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the completion of the sale, the director now owns 42,533 shares of the company’s stock, valued at $1,188,797.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Heinrich Dreismann sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $27.05, for a total transaction of $270,500.00. Following the sale, the director now directly owns 121,648 shares of the company’s stock, valued at $3,290,578.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 71,012 shares of company stock worth $1,900,485. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

A number of large investors have recently added to or reduced their stakes in MYGN. Loomis Sayles & Co. L P grew its position in Myriad Genetics by 153.7% in the 3rd 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 during the period. Fisher Asset Management LLC grew its position in Myriad Genetics by 47.8% in the 3rd quarter. Fisher Asset Management LLC now owns 602,842 shares of the company’s stock worth $16,512,000 after purchasing an additional 195,094 shares during the period. Simplify Asset Management Inc. bought a new stake in Myriad Genetics in the 3rd quarter worth approximately $4,756,000. Earnest Partners LLC grew its position in Myriad Genetics by 3.5% in the 2nd quarter. Earnest Partners LLC now owns 4,072,018 shares of the company’s stock worth $99,602,000 after purchasing an additional 138,960 shares during the period. Finally, Sei Investments Co. boosted its stake in shares of Myriad Genetics by 5.4% during the 2nd quarter. Sei Investments Co. now owns 2,417,192 shares of the company’s stock worth $59,125,000 after acquiring an additional 124,007 shares during the last quarter. Institutional investors own 99.02% of the company’s stock.

Myriad Genetics Company Profile

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.