Myriad Genetics (NASDAQ:MYGN) Stock Price Down 4.9%

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) fell 4.9% during trading on Wednesday . The stock traded as low as $25.56 and last traded at $25.72. 166,797 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 718,002 shares. The stock had previously closed at $27.04.

Analyst Upgrades and Downgrades

MYGN has been the subject of several research analyst reports. Scotiabank raised their target price 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. Jefferies Financial Group restated an “underperform” rating and set a $20.00 price target (down previously from $25.00) on shares of Myriad Genetics in a report on Monday, June 3rd. JPMorgan Chase & Co. upped their price objective on Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Wednesday, August 7th. Piper Sandler increased their target price on Myriad Genetics from $28.00 to $30.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. Finally, TD Cowen boosted their price target on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $28.60.

Myriad Genetics Price Performance

The stock’s 50-day simple moving average is $27.12 and its two-hundred day simple moving average is $23.83. The firm has a market cap of $2.39 billion, a P/E ratio of -9.13 and a beta of 1.92. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.96 and a quick ratio of 1.78.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.06. Myriad Genetics had a negative net margin of 19.35% and a negative return on equity of 5.64%. The company had revenue of $211.50 million for the quarter, compared to analyst estimates of $206.44 million. During the same period in the prior year, the company posted ($0.21) EPS. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. Equities research analysts forecast that Myriad Genetics, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Myriad Genetics

In other news, Director Heinrich Dreismann sold 10,000 shares of Myriad Genetics stock in a transaction on Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction of $270,500.00. Following the completion of the sale, the director now directly owns 121,648 shares in the company, valued at $3,290,578.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Heinrich Dreismann sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $27.05, for a total transaction of $270,500.00. Following the transaction, the director now directly owns 121,648 shares of the company’s stock, valued at $3,290,578.40. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Colleen F. Reitan sold 46,012 shares of the business’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 completion of the sale, the director now owns 42,533 shares of the company’s stock, valued at approximately $1,188,797.35. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Myriad Genetics

Several institutional investors have recently made changes to their positions in the company. Sanctuary Advisors LLC bought a new position in Myriad Genetics during the 2nd quarter worth about $537,000. Maven Securities LTD purchased a new stake in shares of Myriad Genetics in the 2nd quarter worth approximately $1,223,000. Point72 Asset Management L.P. boosted its stake in shares of Myriad Genetics by 7.9% during the second quarter. Point72 Asset Management L.P. now owns 839,456 shares of the company’s stock valued at $20,533,000 after purchasing an additional 61,260 shares in the last quarter. Disciplined Growth Investors Inc. MN increased its holdings in Myriad Genetics by 0.5% during the second quarter. Disciplined Growth Investors Inc. MN now owns 2,087,328 shares of the company’s stock valued at $51,056,000 after buying an additional 10,035 shares during the period. Finally, Algert Global LLC bought a new position in Myriad Genetics in the second quarter worth approximately $221,000. Hedge funds and other institutional investors own 99.02% of the company’s stock.

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.