Myriad Genetics (NASDAQ:MYGN) Hits New 1-Year Low – Time to Sell?

Myriad Genetics, Inc. (NASDAQ:MYGN)’s stock price reached a new 52-week low on Wednesday . The stock traded as low as $15.79 and last traded at $16.15, with a volume of 402743 shares. The stock had previously closed at $16.17.

Analyst Ratings Changes

MYGN has been the subject of several recent analyst reports. StockNews.com raised Myriad Genetics from a “hold” rating to a “buy” rating in a report on Tuesday. Scotiabank boosted their price objective on shares of Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, August 13th. Piper Sandler cut their target price on shares of Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating for the company in a research note on Monday. TD Cowen boosted their price target on Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company started coverage on Myriad Genetics in a research report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 price objective for the company. Two analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Myriad Genetics presently has an average rating of “Hold” and an average price target of $28.36.

Myriad Genetics Stock Down 0.6 %

The company has a fifty day simple moving average of $23.66 and a two-hundred day simple moving average of $24.63. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05.

Insider Activity at Myriad Genetics

In other news, Director Colleen F. Reitan sold 46,012 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the completion of the transaction, the director now owns 42,533 shares of the company’s stock, valued at approximately $1,188,797.35. The trade was a 51.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Paul J. Diaz sold 15,000 shares of Myriad Genetics stock in a transaction dated Friday, October 11th. The shares were 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 owns 962,378 shares in the company, valued at approximately $22,067,327.54. This represents a 1.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,012 shares of company stock valued at $1,900,485 over the last quarter. 2.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Myriad Genetics

A number of hedge funds have recently made changes to their positions in MYGN. Loomis Sayles & Co. L P boosted its position in Myriad Genetics by 153.7% in the third quarter. Loomis Sayles & Co. L P now owns 2,189,601 shares of the company’s stock valued at $59,973,000 after buying an additional 1,326,497 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Myriad Genetics by 47.8% in the 3rd quarter. Fisher Asset Management LLC now owns 602,842 shares of the company’s stock valued at $16,512,000 after acquiring an additional 195,094 shares during the last quarter. Simplify Asset Management Inc. acquired a new stake in shares of Myriad Genetics during the 3rd quarter valued at $4,756,000. Earnest Partners LLC grew its position in Myriad Genetics by 3.5% during the 2nd quarter. Earnest Partners LLC now owns 4,072,018 shares of the company’s stock worth $99,602,000 after acquiring an additional 138,960 shares during the last quarter. Finally, Sei Investments Co. increased its holdings in Myriad Genetics by 5.4% in the 2nd quarter. Sei Investments Co. now owns 2,417,192 shares of the company’s stock worth $59,125,000 after purchasing an additional 124,007 shares in the last quarter. 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.