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

Wells Fargo & Company downgraded shares of Myriad Genetics (NASDAQ:MYGN - Free Report) from an overweight rating to an equal weight rating in a research report released on Wednesday, MarketBeat reports. Wells Fargo & Company currently has $6.00 price target on the stock, down from their prior price target of $22.00.

Several other brokerages also recently commented on MYGN. Craig Hallum assumed coverage on shares of Myriad Genetics in a research report on Wednesday, February 12th. They set a "buy" rating and a $29.00 price objective on the stock. Guggenheim lowered shares of Myriad Genetics from a "buy" rating to a "neutral" rating in a report on Wednesday, April 9th. Stephens reiterated an "equal weight" rating and set a $20.00 target price on shares of Myriad Genetics in a research report on Thursday, January 16th. StockNews.com upgraded Myriad Genetics from a "hold" rating to a "buy" rating in a report on Thursday, April 10th. Finally, UBS Group cut their target price on Myriad Genetics from $18.00 to $16.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 25th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Myriad Genetics has a consensus rating of "Hold" and a consensus price target of $16.04.

Myriad Genetics Trading Up 3.2%

Shares of MYGN traded up $0.13 during mid-day trading on Wednesday, reaching $4.02. The company's stock had a trading volume of 1,665,292 shares, compared to its average volume of 1,074,829. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. Myriad Genetics has a 52 week low of $3.84 and a 52 week high of $29.30. The company's fifty day moving average price is $8.35 and its two-hundred day moving average price is $12.44. The stock has a market cap of $370.09 million, a PE ratio of -3.10 and a beta of 2.01.

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

Hedge Funds Weigh In On Myriad Genetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. D. E. Shaw & Co. Inc. lifted its stake in shares of Myriad Genetics by 58.1% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,819,814 shares of the company's stock worth $24,950,000 after buying an additional 668,429 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Myriad Genetics by 377.6% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 549,456 shares of the company's stock valued at $7,533,000 after acquiring an additional 434,420 shares during the last quarter. Artisan Partners Limited Partnership increased its position in shares of Myriad Genetics by 13.9% during the fourth 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 during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Myriad Genetics by 87.4% in the fourth quarter. Renaissance Technologies LLC now owns 684,874 shares of the company's stock valued at $9,390,000 after purchasing an additional 319,500 shares in the last quarter. Finally, Fisher Asset Management LLC grew its holdings in shares of Myriad Genetics by 50.2% in the fourth 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. 99.02% of the stock is owned by hedge funds and other institutional investors.

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.