Myriad Genetics (NASDAQ:MYGN) Lowered to Hold Rating by StockNews.com

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

Other analysts have also recently issued research reports about the stock. Wells Fargo & Company began 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 for the company. JPMorgan Chase & Co. upped their price objective on shares of Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research note on Wednesday, August 7th. 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. Scotiabank upped their price objective on shares of Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 13th. Finally, TD Cowen upped their price objective on shares of Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Two investment 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. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $27.36.

Myriad Genetics Stock Down 1.4 %

MYGN stock opened at $15.00 on Wednesday. The stock has a market capitalization of $1.37 billion, a P/E ratio of -11.54 and a beta of 1.93. The firm has a 50-day simple moving average of $22.95 and a 200-day simple moving average of $24.61. 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 has a 52 week low of $14.77 and a 52 week high of $29.30.

Insider Buying and Selling at Myriad Genetics

In other news, Director Colleen F. Reitan sold 46,012 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total value of $1,286,035.40. Following the transaction, the director now directly owns 42,533 shares in the company, valued at approximately $1,188,797.35. This represents a 51.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Paul J. Diaz sold 15,000 shares of the company’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 completion of the transaction, the chief executive officer now owns 962,378 shares in the company, valued at approximately $22,067,327.54. This represents a 1.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 71,012 shares of company stock worth $1,900,485 in the last ninety days. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Myriad Genetics

Several large investors have recently made changes to their positions in MYGN. Loomis Sayles & Co. L P lifted its holdings in shares of Myriad Genetics by 153.7% in the 3rd quarter. Loomis Sayles & Co. L P now owns 2,189,601 shares of the company’s stock worth $59,973,000 after acquiring an additional 1,326,497 shares during the last quarter. Disciplined Growth Investors Inc. MN increased its stake in Myriad Genetics by 21.1% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock worth $69,226,000 after buying an additional 440,107 shares during the period. Iron Triangle Partners LP purchased a new stake in Myriad Genetics during the 3rd quarter worth approximately $11,007,000. State Street Corp increased its stake in Myriad Genetics by 8.3% during the 3rd quarter. State Street Corp now owns 4,703,442 shares of the company’s stock worth $128,827,000 after buying an additional 359,685 shares during the period. Finally, Point72 Asset Management L.P. increased its stake in Myriad Genetics by 26.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,063,711 shares of the company’s stock worth $29,135,000 after buying an additional 224,255 shares during the period. 99.02% of the stock is currently owned by institutional investors and hedge funds.

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.