Myriad Genetics (NASDAQ:MYGN) Sets New 12-Month Low – Should You Sell?

Myriad Genetics, Inc. (NASDAQ:MYGN) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $14.34 and last traded at $14.54, with a volume of 112349 shares changing hands. The stock had previously closed at $16.36.

Analyst Ratings Changes

A number of research analysts have commented on MYGN shares. Wells Fargo & Company began coverage on Myriad Genetics in a research note on Tuesday, August 27th. They set an “overweight” rating and a $35.00 price objective on the stock. StockNews.com downgraded Myriad Genetics from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Morgan Stanley decreased their target price on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a research note on Monday, November 18th. Scotiabank increased their price target on Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, August 13th. Finally, Piper Sandler cut their price target on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating on the stock in a report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Myriad Genetics presently has an average rating of “Hold” and a consensus price target of $27.36.

Myriad Genetics Price Performance

The company has a market cap of $1.38 billion, a price-to-earnings ratio of -11.64 and a beta of 1.87. The company has a fifty day moving average price of $20.03 and a two-hundred day moving average price of $23.87. 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, Director Heinrich Dreismann sold 10,000 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Paul J. Diaz sold 15,000 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 962,378 shares in the company, valued at approximately $22,067,327.54. This trade represents a 1.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Myriad Genetics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of New Jersey Common Pension Fund D bought a new stake in Myriad Genetics in the 3rd quarter valued at $1,965,000. Legato Capital Management LLC bought a new position in shares of Myriad Genetics in the second quarter valued at about $1,123,000. Assenagon Asset Management S.A. grew its stake in Myriad Genetics by 26.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 250,524 shares of the company’s stock valued at $6,128,000 after buying an additional 52,813 shares during the last quarter. Maven Securities LTD acquired a new stake in Myriad Genetics during the second quarter worth approximately $1,223,000. Finally, Simplify Asset Management Inc. acquired a new stake in Myriad Genetics during the third quarter worth approximately $4,756,000. 99.02% of the stock is owned by institutional investors and hedge funds.

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.