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

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

Other equities analysts also recently issued research reports about the company. Scotiabank increased their price target on Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a report on Tuesday, August 13th. Wells Fargo & Company initiated coverage on shares of Myriad Genetics in a research report on Tuesday, August 27th. They set an “overweight” rating and a $35.00 target price for the company. TD Cowen raised their price target on Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Piper Sandler cut their price objective 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. Finally, Morgan Stanley lowered their target price on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating on the stock in a report on Monday. Two 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, Myriad Genetics presently has a consensus rating of “Hold” and an average target price of $27.36.

Myriad Genetics Stock Performance

MYGN opened at $15.12 on Wednesday. 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 company has a market cap of $1.38 billion, a PE ratio of -11.63 and a beta of 1.93. The stock has a 50-day moving average of $22.50 and a 200-day moving average of $24.48. Myriad Genetics has a 52-week low of $14.72 and a 52-week high of $29.30.

Insider Transactions at Myriad Genetics

In other news, CEO Paul J. Diaz sold 15,000 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $22.93, for a total value of $343,950.00. Following the completion of the transaction, the chief executive officer now directly owns 962,378 shares of the company’s stock, valued at approximately $22,067,327.54. This represents a 1.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Heinrich Dreismann sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the transaction, the director now owns 121,648 shares of the company’s stock, valued at $3,290,578.40. This trade represents a 7.60 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 71,012 shares of company stock valued at $1,900,485. 2.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. ProShare Advisors LLC grew its holdings in shares of Myriad Genetics by 14.2% in the 1st quarter. ProShare Advisors LLC now owns 23,993 shares of the company’s stock worth $512,000 after purchasing an additional 2,990 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in Myriad Genetics by 8.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 25,107 shares of the company’s stock worth $583,000 after buying an additional 2,050 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Myriad Genetics by 0.8% during the first quarter. Vanguard Group Inc. now owns 10,035,708 shares of the company’s stock worth $213,961,000 after buying an additional 81,475 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of Myriad Genetics by 9.0% in the first quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock valued at $186,000 after acquiring an additional 720 shares during the last quarter. Finally, UniSuper Management Pty Ltd acquired a new position in shares of Myriad Genetics in the 1st quarter worth approximately $467,000. 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.