Myriad Genetics, Inc. (NASDAQ:MYGN) Receives Average Recommendation of “Reduce” from Analysts

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) have received a consensus recommendation of “Reduce” from the seven analysts that are covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $3.12.

Several research firms have recently weighed in on MYGN. Weiss Ratings lowered shares of Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 30th. Stephens cut their target price on shares of Myriad Genetics from $5.00 to $3.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 18th. TD Cowen reduced their target price on shares of Myriad Genetics from $6.00 to $4.00 and set a “hold” rating for the company in a report on Friday, July 31st. Piper Sandler cut Myriad Genetics from an “overweight” rating to an “underweight” rating and reduced their price objective for the stock from $5.45 to $2.00 in a report on Tuesday, September 1st. Finally, UBS Group initiated coverage on Myriad Genetics in a report on Wednesday, September 9th. They set a “neutral” rating and a $3.60 price target for the company.

Myriad Genetics Trading Down 4.7%

Shares of MYGN stock traded down $0.20 during trading hours on Friday, reaching $3.94. The company had a trading volume of 289,451 shares, compared to its average volume of 1,741,808. Myriad Genetics has a 1-year low of $2.74 and a 1-year high of $8.59. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.21 and a quick ratio of 1.98. The firm has a market cap of $377.34 million, a price-to-earnings ratio of -3.32 and a beta of 1.68. The company has a 50 day moving average of $4.00 and a 200 day moving average of $4.45.

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

Hedge Funds Weigh In On Myriad Genetics

A number of institutional investors have recently modified their holdings of the business. AXQ Capital LP raised its stake in shares of Myriad Genetics by 37.1% in the fourth quarter. AXQ Capital LP now owns 15,691 shares of the company’s stock valued at $96,000 after purchasing an additional 4,243 shares in the last quarter. Allworth Financial LP bought a new stake in Myriad Genetics in the 2nd quarter valued at $25,000. Impact Partnership Wealth LLC raised its stake in shares of Myriad Genetics by 60.1% in the 4th quarter. Impact Partnership Wealth LLC now owns 16,184 shares of the company’s stock valued at $100,000 after buying an additional 6,078 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Myriad Genetics by 139.5% during the 4th quarter. EverSource Wealth Advisors LLC now owns 10,469 shares of the company’s stock worth $64,000 after acquiring an additional 6,097 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Myriad Genetics during the 2nd quarter worth about $54,000. Institutional investors and hedge funds own 99.02% of the company’s stock.

About Myriad Genetics

Myriad Genetics, Inc is a molecular diagnostics company that develops and provides genetic tests designed to help healthcare providers assess disease risk, guide treatment decisions and support personalized care. The company serves physicians, health systems, pharmaceutical companies and patients, with a focus on areas including hereditary cancer, precision oncology, pharmacogenomics and women’s health.

Its portfolio includes hereditary cancer testing, such as MyRisk, and oncology tests that analyze tumor biology to help inform treatment planning.