Myriad Genetics (NASDAQ:MYGN) Reaches New 1-Year Low on Analyst Downgrade

Myriad Genetics, Inc. (NASDAQ:MYGN) hit a new 52-week low during trading on Tuesday after Morgan Stanley lowered their price target on the stock from $32.00 to $21.00. Morgan Stanley currently has an equal weight rating on the stock. Myriad Genetics traded as low as $14.87 and last traded at $14.99, with a volume of 115861 shares changing hands. The stock had previously closed at $15.22.

A number of other research firms also recently weighed in on MYGN. Piper Sandler dropped their price target on shares of Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating for the company in a research report on Monday, November 11th. Scotiabank upped their target price on Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research report on Tuesday, August 13th. JPMorgan Chase & Co. raised their price target on Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 7th. StockNews.com raised Myriad Genetics from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Finally, Wells Fargo & Company initiated coverage on shares of Myriad Genetics in a research note on Tuesday, August 27th. They set an “overweight” rating and a $35.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $27.36.

Insider Activity at Myriad Genetics

In related news, Director Heinrich Dreismann sold 10,000 shares of Myriad Genetics 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 in the company, valued at $3,290,578.40. This trade represents a 7.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Paul J. Diaz sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $22.93, for a total transaction of $343,950.00. Following the sale, the chief executive officer now directly owns 962,378 shares in the company, valued at $22,067,327.54. The trade was a 1.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 71,012 shares of company stock valued at $1,900,485 in the last quarter. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Myriad Genetics

A number of hedge funds have recently modified their holdings of MYGN. ProShare Advisors LLC raised its position in Myriad Genetics by 14.2% during the 1st quarter. ProShare Advisors LLC now owns 23,993 shares of the company’s stock worth $512,000 after purchasing an additional 2,990 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its stake in shares of Myriad Genetics by 8.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 25,107 shares of the company’s stock worth $583,000 after acquiring an additional 2,050 shares during the period. Vanguard Group Inc. boosted its holdings in Myriad Genetics by 0.8% in the first quarter. Vanguard Group Inc. now owns 10,035,708 shares of the company’s stock valued at $213,961,000 after acquiring an additional 81,475 shares during the last quarter. Ameritas Investment Partners Inc. increased its position in Myriad Genetics by 9.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock valued at $186,000 after purchasing an additional 720 shares during the period. Finally, UniSuper Management Pty Ltd bought a new position in Myriad Genetics during the 1st quarter worth approximately $467,000. Institutional investors and hedge funds own 99.02% of the company’s stock.

Myriad Genetics Stock Down 1.4 %

The stock’s 50-day moving average price is $22.95 and its 200-day moving average price is $24.61. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -11.54 and a beta of 1.93.

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.