Myriad Genetics (NASDAQ:MYGN) Sets New 52-Week Low Following Weak Earnings

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) reached a new 52-week low during trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $9.76 and last traded at $11.63, with a volume of 405660 shares trading hands. The stock had previously closed at $13.78.

The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.12). Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. The business had revenue of $210.60 million for the quarter, compared to analysts’ expectations of $210.35 million. During the same quarter in the prior year, the firm earned ($0.12) earnings per share.

Analysts Set New Price Targets

MYGN has been the topic of several research reports. Leerink Partners cut Myriad Genetics from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $30.00 to $21.00 in a research note on Monday, December 9th. Leerink Partnrs downgraded Myriad Genetics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 9th. Craig Hallum began coverage on Myriad Genetics in a report on Wednesday, February 12th. They issued a “buy” rating and a $29.00 price target for the company. UBS Group assumed coverage on shares of Myriad Genetics in a research note on Tuesday, December 10th. They set a “neutral” rating and a $18.00 price objective on the stock. Finally, StockNews.com cut shares of Myriad Genetics from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $22.54.

Institutional Trading of Myriad Genetics

Several hedge funds have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Myriad Genetics by 43.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 285,229 shares of the company’s stock worth $3,910,000 after purchasing an additional 86,973 shares during the period. Voloridge Investment Management LLC bought a new position in Myriad Genetics during the fourth quarter worth about $1,635,000. Squarepoint Ops LLC lifted its holdings in shares of Myriad Genetics by 27.0% during the 4th quarter. Squarepoint Ops LLC now owns 138,869 shares of the company’s stock valued at $1,904,000 after purchasing an additional 29,524 shares in the last quarter. Twinbeech Capital LP acquired a new position in shares of Myriad Genetics in the 4th quarter valued at approximately $562,000. Finally, Rafferty Asset Management LLC boosted its holdings in shares of Myriad Genetics by 50.4% in the fourth quarter. Rafferty Asset Management LLC now owns 166,138 shares of the company’s stock valued at $2,278,000 after buying an additional 55,690 shares during the period. Institutional investors and hedge funds own 99.02% of the company’s stock.

Myriad Genetics Stock Down 14.0 %

The firm’s 50-day moving average is $13.45 and its 200 day moving average is $19.38. The firm has a market capitalization of $1.08 billion, a P/E ratio of -8.96 and a beta of 1.88. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90.

About Myriad Genetics

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.