Myriad Genetics (NASDAQ:MYGN) Cut to Hold at StockNews.com

Myriad Genetics (NASDAQ:MYGN) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

Several other research analysts have also weighed in on MYGN. Leerink Partnrs lowered Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 9th. Scotiabank dropped their target price on Myriad Genetics from $24.00 to $20.00 and set a “sector outperform” rating on the stock in a report on Tuesday. The Goldman Sachs Group decreased their price target on shares of Myriad Genetics from $29.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, January 28th. Bank of America lowered their price objective on shares of Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating on the stock in a research report on Monday, March 3rd. Finally, Leerink Partners downgraded shares of Myriad Genetics from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $30.00 to $21.00 in a research report on Monday, December 9th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Myriad Genetics presently has a consensus rating of “Hold” and an average price target of $20.89.

Myriad Genetics Price Performance

MYGN stock opened at $8.84 on Wednesday. Myriad Genetics has a one year low of $8.53 and a one year high of $29.30. The firm has a 50-day moving average of $11.61 and a two-hundred day moving average of $16.17. The firm has a market capitalization of $807.17 million, a PE ratio of -6.80 and a beta of 1.79. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.12). Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. The firm had revenue of $210.60 million during the quarter, compared to analyst estimates of $210.35 million. During the same period in the prior year, the business posted ($0.12) EPS. On average, analysts forecast that Myriad Genetics will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On Myriad Genetics

Several institutional investors and hedge funds have recently added to or reduced their stakes in MYGN. Point72 Hong Kong Ltd acquired a new stake in shares of Myriad Genetics in the third quarter worth $32,000. Sterling Capital Management LLC raised its holdings in Myriad Genetics by 829.9% in the 4th quarter. Sterling Capital Management LLC now owns 2,864 shares of the company’s stock worth $39,000 after acquiring an additional 2,556 shares during the period. KBC Group NV boosted its holdings in Myriad Genetics by 132.8% during the fourth quarter. KBC Group NV now owns 5,845 shares of the company’s stock valued at $80,000 after acquiring an additional 3,334 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its stake in Myriad Genetics by 43.8% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,833 shares of the company’s stock valued at $132,000 after purchasing an additional 1,471 shares during the period. Finally, Quantbot Technologies LP bought a new stake in shares of Myriad Genetics in the third quarter valued at approximately $153,000. 99.02% of the stock is currently 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.