Myriad Genetics (NASDAQ:MYGN) Sets New 12-Month Low Following Weak Earnings

Myriad Genetics, Inc. (NASDAQ:MYGN) hit a new 52-week low on Tuesday following a weaker than expected earnings announcement. The company traded as low as $9.76 and last traded at $11.63, with a volume of 405660 shares changing hands. The stock had previously closed at $13.78.

The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.12). Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. The company had revenue of $210.60 million during the quarter, compared to the consensus estimate of $210.35 million. During the same quarter in the prior year, the firm posted ($0.12) earnings per share.

Analyst Ratings Changes

A number of research firms recently weighed in on MYGN. Stephens reissued an “equal weight” rating and issued a $20.00 target price on shares of Myriad Genetics in a report on Thursday, January 16th. Morgan Stanley dropped their price objective on shares of 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. StockNews.com cut shares of Myriad Genetics from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. UBS Group dropped their price target on Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Craig Hallum began coverage on Myriad Genetics in a research report on Wednesday, February 12th. They set a “buy” rating and a $29.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $22.14.

Institutional Trading of Myriad Genetics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Atria Investments Inc grew its holdings in shares of Myriad Genetics by 5.4% in the third quarter. Atria Investments Inc now owns 11,414 shares of the company’s stock worth $313,000 after purchasing an additional 581 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Myriad Genetics by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,285 shares of the company’s stock valued at $87,000 after buying an additional 583 shares during the period. Creative Planning grew its stake in Myriad Genetics by 9.8% in the 3rd quarter. Creative Planning now owns 9,949 shares of the company’s stock worth $273,000 after acquiring an additional 892 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Myriad Genetics during the third quarter worth approximately $32,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Myriad Genetics by 43.8% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,833 shares of the company’s stock valued at $132,000 after acquiring an additional 1,471 shares in the last quarter. Hedge funds and other institutional investors own 99.02% of the company’s stock.

Myriad Genetics Stock Down 14.8 %

The stock has a market cap of $1.07 billion, a P/E ratio of -9.03 and a beta of 1.88. The company’s 50 day moving average price is $13.41 and its two-hundred day moving average price is $19.27. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05.

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.