Myriad Genetics, Inc. (MYGN) - What Are Investment Firms Thinking About This Stock?

Key Points

• Analysts are broadly cautious on Myriad Genetics: Eight analysts give the stock a consensus “Reduce” rating, with three sells, four holds and one buy. The average 12-month price target is $3.93, below the reported share price of $4.08.
• Recent financial results were weaker than expected: Myriad reported a quarterly loss of $0.25 per share versus the $0.06 consensus loss estimate, while revenue fell 10.5% year over year to $190.7 million and missed expectations.
• Institutional ownership is substantial: Hedge funds and other institutional investors own 99.02% of the company, with several major firms—including BlackRock and Orbimed Advisors—recently establishing positions.

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) has been given a consensus recommendation of "Reduce" by the eight analysts that are currently covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a sell recommendation, four have given a hold recommendation and one has issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $3.93.

MYGN has been the subject of a number of recent research reports. Zacks Research downgraded Myriad Genetics from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 4th. Craig Hallum raised their target price on shares of Myriad Genetics from $4.00 to $8.00 and gave the stock a "buy" rating in a research note on Friday, October 2nd. Piper Sandler downgraded shares of Myriad Genetics from an "overweight" rating to an "underweight" rating and decreased their price objective for the company from $5.45 to $2.00 in a research report on Tuesday, September 1st. UBS Group initiated coverage on shares of Myriad Genetics in a report on Wednesday, September 9th. They set a "neutral" rating and a $3.60 price objective for the company. Finally, Wells Fargo & Company dropped their price objective on shares of Myriad Genetics from $5.50 to $3.00 and set an "equal weight" rating for the company in a report on Monday, August 3rd.

Myriad Genetics Stock Performance

Shares of Myriad Genetics stock traded down $0.12 during trading hours on Tuesday, reaching $4.08. 75,890 shares of the stock traded hands, compared to its average volume of 1,755,803. The company has a 50 day moving average price of $3.59 and a 200 day moving average price of $4.37. The company has a quick ratio of 1.98, a current ratio of 2.21 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $390.73 million, a price-to-earnings ratio of -3.44 and a beta of 1.64. Myriad Genetics has a one year low of $2.74 and a one year high of $8.59.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.19). Myriad Genetics had a negative return on equity of 16.09% and a negative net margin of 13.96%. The business had revenue of $190.70 million during the quarter, compared to the consensus estimate of $206.03 million. During the same quarter in the previous year, the business posted $0.05 earnings per share. The firm's revenue was down 10.5% on a year-over-year basis. On average, equities research analysts expect that Myriad Genetics will post -0.99 earnings per share for the current fiscal year.

Institutional Trading of Myriad Genetics

Several hedge funds have recently made changes to their positions in MYGN. Orbimed Advisors LLC bought a new stake in shares of Myriad Genetics in the 1st quarter valued at approximately $562,500,000. BlackRock Inc. bought a new position in shares of Myriad Genetics in the second quarter worth about $62,184,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Myriad Genetics in the 2nd quarter worth about $8,039,000. Man Group plc bought a new position in Myriad Genetics in the second quarter worth approximately $5,189,000. Finally, Bank of America Corp DE purchased a new position in shares of Myriad Genetics during the second quarter valued at $5,150,000. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

About Myriad Genetics

Myriad Genetics, Inc is a molecular diagnostics company that develops and provides genetic tests designed to help healthcare professionals assess disease risk, guide treatment decisions and support patient care. The company serves physicians, hospitals, health systems, biopharmaceutical companies and patients, with a focus on areas including oncology, women's health and mental health.

Its portfolio includes hereditary cancer testing, such as the MyRisk Hereditary Cancer test; tumor profiling and companion diagnostic services used to help inform cancer treatment; prenatal and carrier screening tests, including Prequel and Foresight; and pharmacogenomic testing, including GeneSight, which is intended to help clinicians evaluate how a patient may respond to certain psychiatric medications.

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