Myriad Genetics (NASDAQ:MYGN) Downgraded by Zacks Research to Strong Sell

Myriad Genetics (NASDAQ:MYGN) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Monday,Zacks.com reports.

A number of other equities analysts also recently issued reports on MYGN. UBS Group upped their price target on Myriad Genetics from $6.00 to $8.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 4th. Cowen reaffirmed a “hold” rating on shares of Myriad Genetics in a research report on Tuesday, November 4th. TD Cowen increased their price target on Myriad Genetics from $8.00 to $9.00 and gave the company a “hold” rating in a research note on Tuesday, November 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Myriad Genetics in a report on Monday, December 29th. Finally, Piper Sandler dropped their price target on Myriad Genetics from $9.00 to $8.50 and set an “overweight” rating on the stock in a research note on Tuesday, November 11th. Four equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.44.

Myriad Genetics Trading Down 4.1%

NASDAQ MYGN opened at $5.68 on Monday. The company has a quick ratio of 2.12, a current ratio of 2.33 and a debt-to-equity ratio of 0.32. The firm has a market cap of $529.43 million, a PE ratio of -1.31 and a beta of 1.81. The company has a 50 day moving average price of $6.73 and a 200 day moving average price of $6.58. Myriad Genetics has a 52 week low of $3.76 and a 52 week high of $15.47.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MYGN. Hantz Financial Services Inc. lifted its holdings in shares of Myriad Genetics by 1,088.7% during the third quarter. Hantz Financial Services Inc. now owns 4,089 shares of the company’s stock worth $30,000 after purchasing an additional 3,745 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Myriad Genetics by 2,333.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company’s stock valued at $25,000 after acquiring an additional 4,480 shares during the period. Farther Finance Advisors LLC lifted its stake in Myriad Genetics by 6,192.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,349 shares of the company’s stock valued at $28,000 after acquiring an additional 5,264 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Myriad Genetics by 407.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 5,773 shares of the company’s stock valued at $31,000 after acquiring an additional 4,635 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Myriad Genetics in the second quarter worth $37,000. 99.02% of the stock is currently 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.