Myriad Genetics (NASDAQ:MYGN) Reaches New 12-Month Low – Here’s Why

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price reached a new 52-week low on Thursday . The company traded as low as $12.13 and last traded at $12.17, with a volume of 122639 shares changing hands. The stock had previously closed at $12.28.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Morgan Stanley cut their price target 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 shares of Myriad Genetics in a report on Tuesday, December 10th. They issued a “neutral” rating and a $18.00 price target on the stock. Bank of America reduced their price objective on shares of Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating for the company in a research note on Friday, December 13th. Stephens reiterated an “equal weight” rating and issued a $20.00 target price on shares of Myriad Genetics in a research note on Thursday, January 16th. Finally, Leerink Partners cut Myriad Genetics from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $30.00 to $21.00 in a report on Monday, December 9th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $23.92.

Myriad Genetics Trading Up 1.8 %

The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. The firm has a market cap of $1.14 billion, a PE ratio of -9.61 and a beta of 1.89. The firm has a fifty day simple moving average of $14.44 and a two-hundred day simple moving average of $21.61.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.08). The company had revenue of $213.30 million during the quarter, compared to the consensus estimate of $209.82 million. Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. During the same period in the previous year, the company earned ($0.17) earnings per share. Equities analysts forecast that Myriad Genetics, Inc. will post -0.28 EPS for the current year.

Hedge Funds Weigh In On Myriad Genetics

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC increased its position 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 acquiring an additional 412 shares during the last quarter. Atria Investments Inc increased its position in shares of Myriad Genetics by 5.4% during the 3rd quarter. Atria Investments Inc now owns 11,414 shares of the company’s stock valued at $313,000 after purchasing an additional 581 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Myriad Genetics by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,285 shares of the company’s stock worth $87,000 after buying an additional 583 shares during the last quarter. Creative Planning grew its position in Myriad Genetics by 9.8% during the third quarter. Creative Planning now owns 9,949 shares of the company’s stock valued at $273,000 after buying an additional 892 shares during the period. Finally, Point72 Hong Kong Ltd purchased a new stake in Myriad Genetics during the third quarter valued at approximately $32,000. Institutional investors own 99.02% of the company’s stock.

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.