Myriad Genetics (NASDAQ:MYGN) Stock Breaks Above 200-Day Moving Average – Should You Sell?

Myriad Genetics, Inc. (NASDAQ:MYGN) shares crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $4.38 and traded as high as $4.83. Myriad Genetics shares last traded at $4.28, with a volume of 1,797,076 shares trading hands.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Stephens dropped their target price on Myriad Genetics from $5.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 18th. TD Cowen reduced their price target on Myriad Genetics from $6.00 to $4.00 and set a “hold” rating for the company in a report on Friday, July 31st. Craig Hallum boosted their price target on Myriad Genetics from $4.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, October 2nd. Wall Street Zen lowered shares of Myriad Genetics from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings cut shares of Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 30th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Myriad Genetics has a consensus rating of “Reduce” and an average price target of $3.93.

Myriad Genetics Stock Performance

The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.98 and a current ratio of 2.21. The company has a market cap of $401.73 million, a P/E ratio of -3.53 and a beta of 1.64. The firm has a 50 day moving average price of $3.56 and a 200-day moving average price of $4.38.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.19). The company had revenue of $190.70 million during the quarter, compared to the consensus estimate of $206.03 million. Myriad Genetics had a negative net margin of 13.96% and a negative return on equity of 16.09%. The firm’s revenue was down 10.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.05 earnings per share. On average, research analysts predict that Myriad Genetics, Inc. will post -0.99 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MYGN. Allworth Financial LP acquired a new stake in Myriad Genetics in the second quarter worth $25,000. Integrated Wealth Concepts LLC acquired a new position in shares of Myriad Genetics in the 2nd quarter valued at $54,000. Engineers Gate Manager LP grew its holdings in shares of Myriad Genetics by 8.7% in the 2nd quarter. Engineers Gate Manager LP now owns 124,769 shares of the company’s stock valued at $712,000 after buying an additional 9,970 shares during the period. Hsbc Holdings PLC bought a new stake in shares of Myriad Genetics in the 2nd quarter valued at $61,000. Finally, E Fund Management Co. Ltd. bought a new stake in shares of Myriad Genetics in the 2nd quarter valued at $67,000. 99.02% of the stock is currently owned by institutional investors and hedge funds.

About Myriad Genetics

Myriad Genetics, Inc is a molecular diagnostics company that develops and provides genetic tests designed to help healthcare professionals assess disease risk, guide treatment decisions and support patient care. The company serves physicians, hospitals, health systems, biopharmaceutical companies and patients, with a focus on areas including oncology, women’s health and mental health.

Its portfolio includes hereditary cancer testing, such as the MyRisk Hereditary Cancer test; tumor profiling and companion diagnostic services used to help inform cancer treatment; prenatal and carrier screening tests, including Prequel and Foresight; and pharmacogenomic testing, including GeneSight, which is intended to help clinicians evaluate how a patient may respond to certain psychiatric medications.