Myriad Genetics (NASDAQ:MYGN) Hits New 12-Month Low – Here’s What Happened

Myriad Genetics, Inc. (NASDAQ:MYGN)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $12.81 and last traded at $12.96, with a volume of 264287 shares traded. The stock had previously closed at $13.68.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MYGN. StockNews.com upgraded Myriad Genetics from a “hold” rating to a “buy” rating in a report on Thursday, January 9th. Morgan Stanley cut their price objective on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a report on Monday, November 18th. UBS Group initiated coverage on Myriad Genetics in a report on Tuesday, December 10th. They set a “neutral” rating and a $18.00 target price on the stock. Piper Sandler cut their target price on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating on the stock in a report on Monday, November 11th. Finally, Bank of America cut their target price on Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating on the stock in a report on Friday, December 13th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $23.92.

Myriad Genetics Stock Performance

The business has a 50-day moving average of $14.78 and a two-hundred day moving average of $21.97. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90.

Institutional Investors Weigh In On Myriad Genetics

A number of institutional investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd acquired a new stake in Myriad Genetics during the third quarter valued at approximately $32,000. GAMMA Investing LLC boosted its holdings in Myriad Genetics by 34.1% during the third quarter. GAMMA Investing LLC now owns 1,620 shares of the company’s stock valued at $44,000 after purchasing an additional 412 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Myriad Genetics during the second quarter valued at approximately $60,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Myriad Genetics during the second quarter valued at approximately $82,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Myriad Genetics by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,285 shares of the company’s stock valued at $87,000 after purchasing an additional 583 shares in the last quarter. 99.02% of the stock is 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.