Myriad Genetics (NASDAQ:MYGN) Stock Price Crosses Above 200-Day Moving Average - Time to Sell?

Key Points

• Myriad Genetics briefly crossed above its 200-day moving average of $4.38, reaching $4.83, but later traded at $4.28; shares were reported down 6.6%.
• Analysts remain cautious, with a consensus “Reduce” rating and average price target of $3.93. Recent brokerages lowered targets to between $3.00 and $4.00.
• The company missed quarterly earnings and revenue estimates, posting an adjusted loss of $0.25 per share and revenue of $190.7 million, down 10.5% year over year.

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $4.38 and traded as high as $4.83. Myriad Genetics shares last traded at $4.28, with a volume of 1,797,076 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MYGN. Wells Fargo & Company reduced their price objective on shares of Myriad Genetics from $5.50 to $3.00 and set an "equal weight" rating for the company in a research note on Monday, August 3rd. Stephens lowered their target price on shares of Myriad Genetics from $5.00 to $3.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 18th. UBS Group began coverage on shares of Myriad Genetics in a report on Wednesday, September 9th. They issued a "neutral" rating and a $3.60 target price for the company. Weiss Ratings downgraded shares of Myriad Genetics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, July 30th. Finally, TD Cowen decreased 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 analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $3.93.

Myriad Genetics Stock Down 6.6%

The firm has a market cap of $409.38 million, a price-to-earnings ratio of -3.60 and a beta of 1.64. The company has a current ratio of 2.21, a quick ratio of 1.98 and a debt-to-equity ratio of 0.40. The firm has a 50 day moving average price of $3.57 and a 200-day moving average price of $4.38.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($0.25) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.19). Myriad Genetics had a negative net margin of 13.96% and a negative return on equity of 16.09%. The business had revenue of $190.70 million during the quarter, compared to analyst estimates of $206.03 million. During the same period in the previous year, the company posted $0.05 earnings per share. Myriad Genetics's revenue was down 10.5% on a year-over-year basis. On average, equities analysts forecast that Myriad Genetics, Inc. will post -0.99 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Orbimed Advisors LLC purchased a new position in Myriad Genetics during the first quarter worth $562,500,000. BlackRock Inc. purchased a new stake in shares of Myriad Genetics in the second quarter valued at $62,184,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Myriad Genetics in the second quarter valued at $8,039,000. Man Group plc purchased a new stake in shares of Myriad Genetics in the second quarter valued at $5,189,000. Finally, Bank of America Corp DE acquired a new stake in shares of Myriad Genetics during the second quarter valued at $5,150,000. 99.02% of the stock is owned by hedge funds and other institutional investors.

About Myriad Genetics

Myriad Genetics, Inc is a molecular diagnostics company that develops and provides genetic tests designed to help healthcare professionals assess disease risk, guide treatment decisions and support patient care. The company serves physicians, hospitals, health systems, biopharmaceutical companies and patients, with a focus on areas including oncology, women's health and mental health.

Its portfolio includes hereditary cancer testing, such as the MyRisk Hereditary Cancer test; tumor profiling and companion diagnostic services used to help inform cancer treatment; prenatal and carrier screening tests, including Prequel and Foresight; and pharmacogenomic testing, including GeneSight, which is intended to help clinicians evaluate how a patient may respond to certain psychiatric medications.

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