Weiss Ratings Reaffirms "Sell (E+)" Rating for Myriad Genetics (NASDAQ:MYGN)

Key Points

• Weiss Ratings has reaffirmed a "sell (E+)" rating for Myriad Genetics (NASDAQ: MYGN), indicating ongoing negative sentiment towards the company's stock.
• Myriad Genetics' stock recently traded down 1.1% to $7.76, significantly lower than its 12-month high of $25.25, highlighting recent volatility.
• Institutional investors are increasing their stake in Myriad Genetics, with some firms reporting sizable percentage increases in their holdings during recent quarters.

Myriad Genetics (NASDAQ:MYGN - Get Free Report)'s stock had its "sell (e+)" rating reissued by research analysts at Weiss Ratings in a research report issued to clients and investors on Tuesday,Weiss Ratings reports.

Myriad Genetics Trading Down 1.1%

MYGN stock traded down $0.09 during midday trading on Tuesday, hitting $7.76. 490,470 shares of the company's stock were exchanged, compared to its average volume of 1,673,272. Myriad Genetics has a 12-month low of $3.76 and a 12-month high of $25.25. The firm has a 50 day moving average price of $6.80 and a 200-day moving average price of $6.08. The stock has a market capitalization of $721.53 million, a price-to-earnings ratio of -1.81 and a beta of 1.97.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last posted its quarterly earnings data on Tuesday, January 16th. The company reported ($0.19) earnings per share (EPS) for the quarter. Myriad Genetics had a negative return on equity of 5.17% and a negative net margin of 47.45%.The business had revenue of $156.40 million for the quarter. Myriad Genetics has set its FY23 guidance at ($0.33)-($0.28) EPS. On average, sell-side analysts forecast that Myriad Genetics will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Myriad Genetics

Institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of Myriad Genetics by 520.8% in the 1st quarter. GAMMA Investing LLC now owns 4,470 shares of the company's stock valued at $40,000 after acquiring an additional 3,750 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Myriad Genetics by 2,333.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company's stock valued at $25,000 after acquiring an additional 4,480 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Myriad Genetics by 6,192.9% in the 2nd quarter. Farther Finance Advisors LLC now owns 5,349 shares of the company's stock valued at $28,000 after acquiring an additional 5,264 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Myriad Genetics by 407.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 5,773 shares of the company's stock valued at $31,000 after acquiring an additional 4,635 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Myriad Genetics in the 2nd quarter valued at approximately $37,000. 99.02% of the stock is currently owned by institutional investors.

Myriad Genetics Company Profile

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.

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