Myriad Genetics, Inc. (NASDAQ:MYGN) Given Average Recommendation of "Reduce" by Brokerages

Key Points

• Myriad Genetics has an average “Reduce” rating from seven analysts: two sell, four hold and one buy. The average 12-month price target is $4.90, with several firms recently lowering targets to $3–$4.
• Shares traded at $3.12, near the company’s 52-week low of $2.74, after the latest quarter missed expectations. Myriad reported a loss of $0.25 per share versus the expected $0.06 loss and revenue of $190.7 million, down 10.5% year over year.
• Institutional investors own approximately 99.02% of the stock, while an insider recently sold 15,000 shares under a pre-arranged trading plan.

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) have been assigned an average rating of "Reduce" from the seven research firms that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $4.90.

Several research analysts recently weighed in on the company. TD Cowen reduced their price target on Myriad Genetics from $6.00 to $4.00 and set a "hold" rating for the company in a research report on Friday, July 31st. Wall Street Zen lowered Myriad Genetics from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Stephens cut their target price on shares of Myriad Genetics from $5.00 to $3.00 and set an "equal weight" rating for the company in a report on Tuesday, August 18th. Weiss Ratings cut shares of Myriad Genetics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, July 30th. Finally, Wells Fargo & Company lowered their price target on shares of Myriad Genetics from $5.50 to $3.00 and set an "equal weight" rating on the stock in a report on Monday, August 3rd.

Myriad Genetics Stock Performance

NASDAQ:MYGN traded down $0.09 during mid-day trading on Monday, hitting $3.12. The company's stock had a trading volume of 116,539 shares, compared to its average volume of 1,714,504. Myriad Genetics has a 1 year low of $2.74 and a 1 year high of $8.59. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.21 and a quick ratio of 1.98. The stock has a market cap of $297.95 million, a price-to-earnings ratio of -2.61 and a beta of 1.69. The business's fifty day moving average is $4.75 and its two-hundred day moving average is $4.64.

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

Insider Activity

In other news, Director Rashmi Kumar sold 15,000 shares of the firm's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $4.46, for a total transaction of $66,900.00. Following the sale, the director directly owned 171,889 shares in the company, valued at $766,624.94. This trade represents a 8.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Myriad Genetics

A number of hedge funds have recently bought and sold shares of the business. Orbimed Advisors LLC purchased a new position in shares of Myriad Genetics during the 1st quarter valued at approximately $562,500,000. BlackRock Inc. acquired a new stake in Myriad Genetics in the 2nd quarter valued at $62,184,000. Millennium Management LLC increased its holdings in Myriad Genetics by 41.1% in the 4th quarter. Millennium Management LLC now owns 6,700,158 shares of the company's stock worth $41,206,000 after acquiring an additional 1,951,831 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in Myriad Genetics by 157.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company's stock worth $17,662,000 after acquiring an additional 1,492,405 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Myriad Genetics during the second quarter worth $8,039,000. Hedge funds and other institutional investors own 99.02% of the company's stock.

About Myriad Genetics

Myriad Genetics NASDAQ: MYGN is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual's risk for various hereditary conditions and to guide personalized treatment decisions. The company's core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women's health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.

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