Myriad Genetics (NASDAQ:MYGN) Lowered to "Sell" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Myriad Genetics to “Sell” from “Hold,” while the broader analyst consensus is “Reduce,” with an average price target of $5.38.
• Myriad’s latest quarter missed expectations, reporting an adjusted loss of $0.25 per share versus a $0.06 loss estimate and revenue of $190.7 million versus $206.03 million expected; revenue declined 10.5% year over year.
• The stock opened at $3.26, well below its 50-day and 200-day moving averages of $5.01 and $4.83, respectively. Institutional investors own approximately 99.02% of the company, while insiders own 1.90%.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

A number of other analysts have also recently weighed in on MYGN. Zacks Research cut Myriad Genetics from a "hold" rating to a "strong sell" rating in a research report on Tuesday. Weiss Ratings cut Myriad Genetics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, July 30th. Wells Fargo & Company lowered their price target on Myriad Genetics from $5.50 to $3.00 and set an "equal weight" rating for the company in a report on Monday. Finally, TD Cowen dropped their price target on Myriad Genetics from $6.00 to $4.00 and set a "hold" rating on the stock in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $5.38.

Myriad Genetics Trading Up 2.5%

NASDAQ:MYGN opened at $3.26 on Friday. Myriad Genetics has a 52 week low of $2.74 and a 52 week high of $8.59. The firm has a 50 day moving average of $5.01 and a 200 day moving average of $4.83. 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 stock has a market capitalization of $311.82 million, a price-to-earnings ratio of -2.74 and a beta of 1.69.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last announced its 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). The firm had revenue of $190.70 million during the quarter, compared to analyst estimates of $206.03 million. Myriad Genetics had a negative net margin of 13.96% and a negative return on equity of 16.09%. Myriad Genetics's revenue was down 10.5% on a year-over-year basis. During the same quarter last year, the business earned $0.05 earnings per share. As a group, sell-side analysts anticipate that Myriad Genetics will post -0.62 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Myriad Genetics news, Director Rashmi Kumar sold 15,000 shares of the business'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 owned 171,889 shares in the company, valued at approximately $766,624.94. The trade was a 8.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Bisaro purchased 7,500 shares of the company's stock in a transaction on Thursday, May 14th. The shares were purchased at an average price of $3.69 per share, for a total transaction of $27,675.00. Following the purchase, the director owned 97,441 shares in the company, valued at approximately $359,557.29. The trade was a 8.34% increase in their position. The SEC filing for this purchase provides additional information. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Myriad Genetics

Institutional investors and hedge funds have recently modified their holdings of the company. Alliancebernstein L.P. raised its position in shares of Myriad Genetics by 1.8% in the third quarter. Alliancebernstein L.P. now owns 101,234 shares of the company's stock valued at $732,000 after buying an additional 1,784 shares during the last quarter. Legal & General Group Plc boosted its position in Myriad Genetics by 1.0% during the second quarter. Legal & General Group Plc now owns 237,688 shares of the company's stock worth $1,262,000 after acquiring an additional 2,313 shares during the last quarter. Quarry LP boosted its position in Myriad Genetics by 155.6% during the fourth quarter. Quarry LP now owns 4,365 shares of the company's stock worth $27,000 after acquiring an additional 2,657 shares during the last quarter. Franklin Resources Inc. grew its stake in Myriad Genetics by 2.7% during the 4th quarter. Franklin Resources Inc. now owns 103,374 shares of the company's stock valued at $636,000 after acquiring an additional 2,714 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in Myriad Genetics by 129.6% during the 4th quarter. Royal Bank of Canada now owns 4,993 shares of the company's stock valued at $31,000 after acquiring an additional 2,818 shares in the last quarter. Institutional investors and hedge funds own 99.02% of the company's stock.

Myriad Genetics Company Profile

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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