Myriad Genetics (NASDAQ:MYGN) Trading Down 5.1% - Should You Sell?

Key Points

• Myriad Genetics shares fell 5.1% on Monday, trading as low as $5.85 on lighter-than-normal volume, well below the prior close of $6.18.
• Analyst sentiment remains cautious: Wells Fargo and TD Cowen both cut their price targets, and the stock now carries an average Hold rating with a $6.50 consensus target.
• The company continues to show weak fundamentals, including a recent quarterly earnings miss and negative profitability metrics, even though revenue rose 2.3% year over year.

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report)'s stock price dropped 5.1% on Monday . The company traded as low as $5.85 and last traded at $5.8660. Approximately 188,228 shares were traded during mid-day trading, a decline of 88% from the average session volume of 1,591,536 shares. The stock had previously closed at $6.18.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wells Fargo & Company lowered their target price on shares of Myriad Genetics from $6.00 to $5.50 and set an "equal weight" rating for the company in a research note on Wednesday, May 6th. TD Cowen dropped their target price on Myriad Genetics from $7.00 to $6.00 and set a "hold" rating for the company in a research note on Wednesday, May 6th. Finally, Weiss Ratings upgraded Myriad Genetics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, July 14th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $6.50.

Myriad Genetics Price Performance

The company has a market capitalization of $560.56 million, a PE ratio of -1.38 and a beta of 1.64. The company has a current ratio of 2.40, a quick ratio of 2.19 and a debt-to-equity ratio of 0.36. The company's 50 day moving average price is $4.80 and its 200-day moving average price is $5.00.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.03). The firm had revenue of $200.40 million during the quarter, compared to analyst estimates of $202.42 million. Myriad Genetics had a negative net margin of 48.24% and a negative return on equity of 8.51%. Myriad Genetics's revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.03) EPS. On average, sell-side analysts forecast that Myriad Genetics, Inc. will post -0.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Myriad Genetics news, Director Paul Bisaro acquired 7,500 shares of the company's stock in a transaction dated Thursday, May 14th. The stock was bought at an average price of $3.69 per share, with a total value of $27,675.00. Following the completion of the transaction, the director directly owned 97,441 shares of the company's stock, valued at approximately $359,557.29. The trade was a 8.34% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rashmi Kumar sold 15,000 shares of Myriad Genetics stock in a transaction on Monday, June 8th. The shares were sold at an average price of $4.46, for a total transaction of $66,900.00. Following the transaction, the director owned 171,889 shares in the company, valued at $766,624.94. The trade was a 8.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Myriad Genetics

Several large investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its position in shares of Myriad Genetics by 2,333.3% in the second quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company's stock worth $25,000 after buying an additional 4,480 shares during the period. Quarry LP lifted its position in Myriad Genetics by 155.6% during the 4th quarter. Quarry LP now owns 4,365 shares of the company's stock worth $27,000 after acquiring an additional 2,657 shares in the last quarter. Royal Bank of Canada boosted its holdings in Myriad Genetics by 129.6% in the 4th quarter. Royal Bank of Canada now owns 4,993 shares of the company's stock worth $31,000 after acquiring an additional 2,818 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Myriad Genetics during the second quarter valued at approximately $37,000. Finally, American Century Companies Inc. acquired a new position in shares of Myriad Genetics during the second quarter worth $55,000. 99.02% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.