Myriad Genetics (NASDAQ:MYGN) Downgraded to Equal Weight Rating by Wells Fargo & Company

Myriad Genetics (NASDAQ:MYGN - Get Free Report) was downgraded by equities research analysts at Wells Fargo & Company from an "overweight" rating to an "equal weight" rating in a note issued to investors on Wednesday,Finviz reports. They currently have a $6.00 price objective on the stock. Wells Fargo & Company's target price indicates a potential downside of 17.53% from the company's current price.

Several other equities analysts also recently weighed in on the stock. UBS Group reduced their target price on shares of Myriad Genetics from $18.00 to $16.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Bank of America dropped their target price on shares of Myriad Genetics from $13.00 to $11.00 and set an "underperform" rating on the stock in a research note on Monday, March 3rd. Raymond James restated an "outperform" rating and set a $19.00 price objective (down from $27.00) on shares of Myriad Genetics in a research note on Tuesday, February 25th. The Goldman Sachs Group reduced their price objective on Myriad Genetics from $18.00 to $14.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Finally, Guggenheim lowered Myriad Genetics from a "buy" rating to a "neutral" rating in a report on Wednesday, April 9th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Myriad Genetics has an average rating of "Hold" and an average target price of $18.54.

Myriad Genetics Trading Down 5.5 %

Shares of Myriad Genetics stock opened at $7.28 on Wednesday. The stock has a market cap of $670.54 million, a PE ratio of -5.60 and a beta of 2.01. Myriad Genetics has a 12-month low of $5.48 and a 12-month high of $29.30. 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 company has a 50-day moving average of $8.74 and a two-hundred day moving average of $12.88.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $195.90 million during the quarter, compared to the consensus estimate of $200.37 million. Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. The firm's revenue was down 33.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.01) EPS. On average, research analysts anticipate that Myriad Genetics will post -0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Myriad Genetics

A number of institutional investors and hedge funds have recently modified their holdings of MYGN. D. E. Shaw & Co. Inc. lifted its stake in shares of Myriad Genetics by 58.1% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,819,814 shares of the company's stock valued at $24,950,000 after purchasing an additional 668,429 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Myriad Genetics by 377.6% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 549,456 shares of the company's stock worth $7,533,000 after acquiring an additional 434,420 shares during the period. Artisan Partners Limited Partnership grew its stake in Myriad Genetics by 13.9% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,766,729 shares of the company's stock valued at $37,932,000 after acquiring an additional 336,770 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Myriad Genetics by 87.4% during the 4th quarter. Renaissance Technologies LLC now owns 684,874 shares of the company's stock worth $9,390,000 after purchasing an additional 319,500 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its stake in shares of Myriad Genetics by 50.2% in the 4th quarter. Fisher Asset Management LLC now owns 905,209 shares of the company's stock valued at $12,410,000 after purchasing an additional 302,367 shares in the last quarter. Hedge funds and other 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.

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