Myriad Genetics (NASDAQ:MYGN) Shares Gap Down – Here’s Why

Myriad Genetics, Inc. (NASDAQ:MYGN) gapped down prior to trading on Friday . The stock had previously closed at $21.96, but opened at $20.04. Myriad Genetics shares last traded at $18.07, with a volume of 851,600 shares.

Analyst Ratings Changes

MYGN has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price objective on Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Wednesday, August 7th. Piper Sandler boosted their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. TD Cowen raised their price target on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Morgan Stanley started coverage on shares of Myriad Genetics in a research report on Thursday, September 19th. They issued an “equal weight” rating and a $32.00 price objective for the company. Finally, Wells Fargo & Company initiated coverage on shares of Myriad Genetics in a research report on Tuesday, August 27th. They set an “overweight” rating and a $35.00 target price on the stock. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $28.91.

Myriad Genetics Stock Down 18.1 %

The company has a quick ratio of 1.78, a current ratio of 1.96 and a debt-to-equity ratio of 0.05. The company has a market cap of $1.63 billion, a P/E ratio of -9.94 and a beta of 1.93. The business’s 50 day moving average is $25.57 and its 200 day moving average is $24.72.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.06. The firm had revenue of $211.50 million during the quarter, compared to analysts’ expectations of $206.44 million. Myriad Genetics had a negative return on equity of 5.64% and a negative net margin of 19.35%. The firm’s quarterly revenue was up 15.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.21) EPS. As a group, equities analysts anticipate that Myriad Genetics, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Heinrich Dreismann sold 10,000 shares of the 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 sale, the director now owns 121,648 shares in the company, valued at approximately $3,290,578.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Heinrich Dreismann sold 10,000 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction of $270,500.00. Following the sale, the director now owns 121,648 shares in the company, valued at approximately $3,290,578.40. The trade was 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 accessible through this hyperlink. Also, Director Colleen F. Reitan sold 46,012 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 42,533 shares in the company, valued at approximately $1,188,797.35. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,012 shares of company stock worth $1,900,485 in the last 90 days. 2.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MYGN. UniSuper Management Pty Ltd acquired a new position in shares of Myriad Genetics in the 1st quarter valued at $467,000. AMH Equity Ltd acquired a new position in shares of Myriad Genetics in the first quarter valued at about $2,345,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Myriad Genetics by 80.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 334,717 shares of the company’s stock valued at $7,620,000 after purchasing an additional 149,234 shares during the period. Legato Capital Management LLC purchased a new position in shares of Myriad Genetics in the second quarter worth about $1,123,000. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Myriad Genetics by 26.7% during the second quarter. Assenagon Asset Management S.A. now owns 250,524 shares of the company’s stock worth $6,128,000 after purchasing an additional 52,813 shares during the period. Hedge funds and other 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.