Myriad Genetics (NASDAQ:MYGN) Reaches New 12-Month Low – What’s Next?

Myriad Genetics, Inc. (NASDAQ:MYGN) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $13.73 and last traded at $13.77, with a volume of 34936 shares. The stock had previously closed at $13.82.

Wall Street Analysts Forecast Growth

MYGN has been the subject of a number of research analyst reports. Morgan Stanley dropped their target price on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a research report on Monday, November 18th. Bank of America cut their price target on Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating on the stock in a report on Friday, December 13th. Leerink Partners cut Myriad Genetics from an “outperform” rating to a “market perform” rating and cut their price target for the company from $30.00 to $21.00 in a research note on Monday, December 9th. StockNews.com downgraded shares of Myriad Genetics from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Finally, Leerink Partnrs downgraded Myriad Genetics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 9th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Myriad Genetics presently has an average rating of “Hold” and a consensus target price of $24.27.

Myriad Genetics Price Performance

The company has a market cap of $1.20 billion, a price-to-earnings ratio of -10.13 and a beta of 1.87. 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 company’s 50-day simple moving average is $17.92 and its 200-day simple moving average is $23.31.

Insider Activity

In related news, CEO Paul J. Diaz sold 15,000 shares of Myriad Genetics stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $22.93, for a total value of $343,950.00. Following the completion of the transaction, the chief executive officer now directly owns 962,378 shares in the company, valued at approximately $22,067,327.54. This trade represents a 1.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in Myriad Genetics by 34.1% during the third quarter. GAMMA Investing LLC now owns 1,620 shares of the company’s stock worth $44,000 after purchasing an additional 412 shares during the last quarter. Atria Investments Inc lifted its position in shares of Myriad Genetics by 5.4% in the 3rd quarter. Atria Investments Inc now owns 11,414 shares of the company’s stock worth $313,000 after buying an additional 581 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Myriad Genetics by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,285 shares of the company’s stock valued at $87,000 after buying an additional 583 shares during the period. Arizona State Retirement System grew its position in shares of Myriad Genetics by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 25,160 shares of the company’s stock valued at $615,000 after buying an additional 829 shares during the last quarter. Finally, Federated Hermes Inc. raised its stake in Myriad Genetics by 1.5% during the second quarter. Federated Hermes Inc. now owns 56,807 shares of the company’s stock worth $1,389,000 after acquiring an additional 846 shares during the period. Institutional investors and hedge funds own 99.02% of the company’s stock.

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.