Myriad Genetics (NASDAQ:MYGN) Stock Passes Above 200 Day Moving Average – Here’s What Happened

Myriad Genetics, Inc. (NASDAQ:MYGN) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $5.10 and traded as high as $5.51. Myriad Genetics shares last traded at $5.43, with a volume of 2,062,112 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MYGN. Weiss Ratings downgraded shares of Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday. TD Cowen decreased their price objective on Myriad Genetics from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, May 6th. Finally, Wells Fargo & Company lowered their price objective on Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating for the company in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $6.50.

Myriad Genetics Trading Up 8.3%

The stock has a 50-day moving average of $4.43 and a 200 day moving average of $5.10. The company has a quick ratio of 2.19, a current ratio of 2.40 and a debt-to-equity ratio of 0.36. The stock has a market cap of $555.37 million, a PE ratio of -1.37 and a beta of 1.73.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). The business had revenue of $200.40 million for the quarter, compared to analysts’ expectations of $202.42 million. Myriad Genetics had a negative return on equity of 8.51% and a negative net margin of 48.24%.The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.03) earnings per share. As a group, sell-side analysts anticipate that Myriad Genetics, Inc. will post -0.17 earnings per share for the current year.

Insider Activity

In related news, Director Rashmi Kumar sold 15,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $4.46, for a total transaction of $66,900.00. Following the sale, the director directly owned 171,889 shares of the company’s stock, valued at $766,624.94. This trade represents a 8.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Bisaro purchased 7,500 shares of Myriad Genetics stock in a transaction that occurred on Thursday, May 14th. The shares were bought at an average price of $3.69 per share, with a total value of $27,675.00. Following the completion of the transaction, the director owned 97,441 shares of the company’s stock, valued at $359,557.29. This represents a 8.34% increase in their position. The disclosure for this purchase is available in the SEC filing. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Myriad Genetics

Several institutional investors have recently made changes to their positions in MYGN. Royce & Associates LP purchased a new position in Myriad Genetics in the third quarter valued at $4,844,000. Aberdeen Group plc boosted its stake in shares of Myriad Genetics by 38.6% during the 4th quarter. Aberdeen Group plc now owns 885,801 shares of the company’s stock worth $5,448,000 after acquiring an additional 246,748 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Myriad Genetics by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 8,225,371 shares of the company’s stock worth $50,586,000 after acquiring an additional 342,856 shares in the last quarter. UBS Group AG grew its position in shares of Myriad Genetics by 29.8% during the 4th quarter. UBS Group AG now owns 639,691 shares of the company’s stock valued at $3,934,000 after acquiring an additional 147,045 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in shares of Myriad Genetics during the 4th quarter valued at about $1,155,000. 99.02% of the stock is owned by hedge funds and other institutional investors.

About Myriad Genetics

Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.