Myriad Genetics (NASDAQ:MYGN) Stock Falls 7% - What's Next?

Key Points

• Myriad Genetics shares fell 7% to about $5.90, despite trading volume being roughly 92% below its average.
• Analyst sentiment remains cautious: the stock has an overall “Hold” consensus, with a $4.77 average price target versus its current trading level.
• The company reported weak quarterly results, including a larger-than-expected loss, revenue below estimates, and a 10.5% year-over-year revenue decline; analysts expect a full-year loss of $0.99 per share.

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) dropped 7% on Monday. The stock traded as low as $6.02 and last traded at $5.9040. Approximately 158,750 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 1,885,413 shares. The stock had previously closed at $6.35.

Analysts Set New Price Targets

Several research firms recently commented on MYGN. Wells Fargo & Company set a $4.50 target price on Myriad Genetics in a research note on Tuesday, October 20th. Piper Sandler raised shares of Myriad Genetics from an "underweight" rating to a "neutral" rating and set a $5.00 price objective on the stock in a research note on Tuesday, October 20th. TD Cowen upped their price target on Myriad Genetics from $4.00 to $4.50 and gave the stock a "hold" rating in a report on Tuesday, October 13th. Craig Hallum lifted their price objective on Myriad Genetics from $4.00 to $8.00 and gave the stock a "buy" rating in a research report on Friday, October 2nd. Finally, Zacks Research raised shares of Myriad Genetics from a "strong sell" rating to a "hold" rating in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $4.77.

Myriad Genetics Stock Down 6.5%

The stock has a 50 day moving average of $4.21 and a 200 day moving average of $4.62. The firm has a market capitalization of $567.68 million, a price-to-earnings ratio of -4.97 and a beta of 1.62. The company has a quick ratio of 1.98, a current ratio of 2.21 and a debt-to-equity ratio of 0.40.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last released its quarterly earnings data 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 business had revenue of $190.70 million for the quarter, compared to analyst estimates of $206.03 million. Myriad Genetics had a negative return on equity of 16.09% and a negative net margin of 13.96%. Myriad Genetics's revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.05 EPS. As a group, analysts expect that Myriad Genetics, Inc. will post -0.99 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Myriad Genetics

Hedge funds have recently bought and sold shares of the business. Allworth Financial LP bought a new position in shares of Myriad Genetics in the 2nd quarter valued at approximately $25,000. Pinnacle Associates Ltd. acquired a new stake in Myriad Genetics in the 3rd quarter worth $44,000. Integrated Wealth Concepts LLC bought a new stake in Myriad Genetics in the 2nd quarter valued at $54,000. Hsbc Holdings PLC bought a new stake in Myriad Genetics in the second quarter valued at about $61,000. Finally, E Fund Management Co. Ltd. bought a new position in Myriad Genetics in the 2nd quarter valued at $67,000. 99.02% of the stock is owned by hedge funds and other institutional investors.

Myriad Genetics Company Profile

Myriad Genetics, Inc is a molecular diagnostics company that develops and provides genetic tests and related services to help healthcare providers assess disease risk, guide treatment decisions and support patient care. The company's testing portfolio spans hereditary cancer, precision oncology, women's health, mental health and other clinical applications.

Its products include hereditary cancer risk tests such as MyRisk and BRACAnalysis, which evaluate inherited genetic variants associated with cancers including breast and ovarian cancer.

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