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

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

A number of other equities analysts have also recently issued reports on MYGN. Scotiabank dropped their target price on Myriad Genetics from $24.00 to $20.00 and set a “sector outperform” rating for the company in a report on Tuesday. Stephens reiterated an “equal weight” rating and set a $20.00 price objective on shares of Myriad Genetics in a research note on Thursday, January 16th. Piper Sandler upgraded shares of Myriad Genetics from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $11.50 to $12.50 in a research note on Wednesday, March 12th. The Goldman Sachs Group lowered their target price on shares of Myriad Genetics from $29.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. Finally, Craig Hallum assumed coverage on shares of Myriad Genetics in a report on Wednesday, February 12th. They set a “buy” rating and a $29.00 price target for the company. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Myriad Genetics currently has an average rating of “Hold” and an average price target of $20.89.

Myriad Genetics Trading Down 0.3 %

Shares of Myriad Genetics stock opened at $8.84 on Wednesday. Myriad Genetics has a 52-week low of $8.53 and a 52-week high of $29.30. 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 debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. The company’s fifty day moving average price is $11.61 and its two-hundred day moving average price is $16.17.

Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share 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 business had revenue of $210.60 million during the quarter, compared to the consensus estimate of $210.35 million. During the same period in the previous year, the firm earned ($0.12) EPS. On average, analysts expect that Myriad Genetics will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Myriad Genetics

Several hedge funds and other institutional investors have recently made changes to their positions in MYGN. Point72 Hong Kong Ltd acquired a new position in shares of Myriad Genetics during the third quarter valued at $32,000. Point72 Asia Singapore Pte. Ltd. raised its holdings 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 worth $132,000 after purchasing an additional 1,471 shares during the last quarter. Blue Trust Inc. lifted its position in Myriad Genetics by 14.1% during the 4th quarter. Blue Trust Inc. now owns 14,451 shares of the company’s stock valued at $198,000 after purchasing an additional 1,788 shares during the period. Swiss National Bank boosted its stake in shares of Myriad Genetics by 1.0% in the 4th quarter. Swiss National Bank now owns 178,600 shares of the company’s stock valued at $2,449,000 after purchasing an additional 1,800 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Myriad Genetics by 0.4% during the 4th quarter. Bank of New York Mellon Corp now owns 646,003 shares of the company’s stock worth $8,857,000 after buying an additional 2,256 shares during the period. 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.