Myriad Genetics (NASDAQ:MYGN) Reaches New 52-Week Low - What's Next?

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $7.16 and last traded at $7.51, with a volume of 2666846 shares traded. The stock had previously closed at $7.37.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MYGN. Raymond James reissued an "outperform" rating and set a $19.00 price target (down from $27.00) on shares of Myriad Genetics in a report on Tuesday, February 25th. Stephens reissued an "equal weight" rating and set a $20.00 target price on shares of Myriad Genetics in a research note on Thursday, January 16th. StockNews.com raised shares of Myriad Genetics from a "hold" rating to a "buy" rating in a research note on Thursday, April 10th. Piper Sandler upgraded shares of Myriad Genetics from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $11.50 to $12.50 in a research note on Wednesday, March 12th. Finally, Bank of America dropped their target price on Myriad Genetics from $13.00 to $11.00 and set an "underperform" rating on the stock in a report on Monday, March 3rd. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Myriad Genetics has a consensus rating of "Hold" and an average price target of $20.61.

Myriad Genetics Stock Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. The firm has a market capitalization of $696.81 million, a PE ratio of -5.82 and a beta of 1.87. The firm has a fifty day moving average price of $8.97 and a 200 day moving average price of $13.29.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.12). The firm had revenue of $210.60 million for the quarter, compared to analysts' expectations of $210.35 million. Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. During the same period in the prior year, the company posted ($0.12) earnings per share. Research analysts anticipate that Myriad Genetics, Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Trading of Myriad Genetics

Hedge funds have recently modified their holdings of the business. Nordea Investment Management AB raised its position in Myriad Genetics by 117.0% during the fourth quarter. Nordea Investment Management AB now owns 332,913 shares of the company's stock valued at $4,548,000 after buying an additional 179,527 shares during the period. Jennison Associates LLC increased its holdings in shares of Myriad Genetics by 144.2% in the 4th quarter. Jennison Associates LLC now owns 59,015 shares of the company's stock valued at $809,000 after purchasing an additional 34,853 shares during the period. Victory Capital Management Inc. lifted its position in shares of Myriad Genetics by 6.4% in the fourth quarter. Victory Capital Management Inc. now owns 61,341 shares of the company's stock worth $841,000 after purchasing an additional 3,711 shares in the last quarter. Barclays PLC lifted its position in shares of Myriad Genetics by 136.9% in the third quarter. Barclays PLC now owns 190,243 shares of the company's stock worth $5,210,000 after purchasing an additional 109,931 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Myriad Genetics by 37.9% during the fourth quarter. Invesco Ltd. now owns 769,284 shares of the company's stock worth $10,547,000 after purchasing an additional 211,503 shares during the period. Hedge funds and other institutional investors own 99.02% of the company's stock.

About Myriad Genetics

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.