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

Myriad Genetics, Inc. (NASDAQ:MYGN) hit a new 52-week low during mid-day trading on Tuesday after StockNews.com downgraded the stock from a buy rating to a hold rating. The stock traded as low as $14.87 and last traded at $14.99, with a volume of 115861 shares trading hands. The stock had previously closed at $15.22.

MYGN has been the topic of several other reports. TD Cowen increased their target price on Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price objective on Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. Scotiabank raised their target price on shares of Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 13th. Wells Fargo & Company assumed coverage on Myriad Genetics in a report on Tuesday, August 27th. They set an “overweight” rating and a $35.00 price objective on the stock. Finally, Piper Sandler decreased their target price on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating for the company in a research report on Monday, November 11th. Two equities 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $27.36.

Insiders Place Their Bets

In related news, CEO Paul J. Diaz sold 15,000 shares of the firm’s 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 directly owns 962,378 shares of the company’s stock, valued at $22,067,327.54. This trade represents a 1.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Heinrich Dreismann sold 10,000 shares of Myriad Genetics stock in a transaction on Monday, September 9th. The shares were 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 trade represents a 7.60 % 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 over the last 90 days. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Myriad Genetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hexagon Capital Partners LLC increased its position in shares of Myriad Genetics by 75.3% during the second quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock worth $28,000 after acquiring an additional 491 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Myriad Genetics in the third quarter valued at approximately $32,000. Innealta Capital LLC bought a new stake in shares of Myriad Genetics during the 2nd quarter worth about $36,000. GAMMA Investing LLC increased its stake in shares of Myriad Genetics by 34.1% during the third quarter. GAMMA Investing LLC now owns 1,620 shares of the company’s stock worth $44,000 after purchasing an additional 412 shares during the period. Finally, Point72 DIFC Ltd acquired a new stake in shares of Myriad Genetics during the second quarter worth $60,000. Institutional investors own 99.02% of the company’s stock.

Myriad Genetics Stock Up 2.0 %

The stock has a market cap of $1.39 billion, a P/E ratio of -11.77 and a beta of 1.93. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90. The stock’s fifty day simple moving average is $22.73 and its 200-day simple moving average is $24.55.

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.