Myriad Genetics (NASDAQ:MYGN) Hits New 52-Week Low – Here’s Why

Myriad Genetics, Inc. (NASDAQ:MYGN) hit a new 52-week low on Monday . The company traded as low as $7.35 and last traded at $7.37, with a volume of 110735 shares changing hands. The stock had previously closed at $7.64.

Wall Street Analyst Weigh In

MYGN has been the subject of a number of research reports. Stephens restated an “equal weight” rating and issued a $20.00 target price on shares of Myriad Genetics in a research note on Thursday, January 16th. Raymond James reiterated an “outperform” rating and set a $19.00 price objective (down previously from $27.00) on shares of Myriad Genetics in a research report on Tuesday, February 25th. Guggenheim lowered shares of Myriad Genetics from a “buy” rating to a “neutral” rating in a report on Wednesday, April 9th. UBS Group dropped their target price on Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Finally, Piper Sandler upgraded Myriad Genetics from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $11.50 to $12.50 in a research note on Wednesday, March 12th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.61.

Myriad Genetics Stock Down 2.9 %

The company has a market capitalization of $683.91 million, a P/E ratio of -5.71 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 stock has a 50-day moving average price of $10.24 and a 200-day moving average price of $14.24.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.12). The firm had revenue of $210.60 million for the quarter, compared to analyst estimates of $210.35 million. Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. During the same period last year, the company posted ($0.12) earnings per share. On average, research analysts predict that Myriad Genetics, Inc. will post -0.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MYGN. M.E. Allison & CO. Inc. bought a new stake in Myriad Genetics in the first quarter worth $93,000. GAMMA Investing LLC grew its position in shares of Myriad Genetics by 520.8% during 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 period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of 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 buying an additional 86,973 shares during the period. Voloridge Investment Management LLC bought a new stake in Myriad Genetics during the 4th quarter worth approximately $1,635,000. Finally, Squarepoint Ops LLC raised its position 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 during the period. 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.