Myriad Genetics (NASDAQ:MYGN) Stock Falls 7% – What’s Next?

Myriad Genetics, Inc. (NASDAQ:MYGN) was down 7% on Monday. The company traded as low as $6.02 and last traded at $5.9040. Approximately 158,750 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 1,885,413 shares. The stock had previously closed at $6.35.

Analyst Upgrades and Downgrades

MYGN has been the topic of several research analyst reports. TD Cowen increased their price target on shares of Myriad Genetics from $4.00 to $4.50 and gave the company a “hold” rating in a research note on Tuesday, October 13th. Stephens dropped their price objective on shares of Myriad Genetics from $5.00 to $3.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 18th. Piper Sandler raised Myriad Genetics from an “underweight” rating to a “neutral” rating and set a $5.00 price objective on the stock in a report on Tuesday, October 20th. UBS Group assumed coverage on Myriad Genetics in a research report on Wednesday, September 9th. They issued a “neutral” rating and a $3.60 price objective on the stock. Finally, Zacks Research raised Myriad Genetics from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 15th. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $4.77.

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 $567.68 million, a price-to-earnings ratio of -4.97 and a beta of 1.62. The firm’s 50-day moving average price is $4.21 and its 200 day moving average price is $4.62.

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

Hedge Funds Weigh In On Myriad Genetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MYGN. Orbimed Advisors LLC acquired a new position in shares of Myriad Genetics during the 1st quarter worth about $562,500,000. BlackRock Inc. bought a new position in Myriad Genetics during the 2nd quarter worth approximately $62,184,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Myriad Genetics during the 2nd quarter worth approximately $8,039,000. Man Group plc bought a new position in Myriad Genetics during the 2nd quarter worth approximately $5,189,000. Finally, Bank of America Corp DE acquired a new position in Myriad Genetics during the second quarter valued at approximately $5,150,000. Institutional investors 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 and related services to help healthcare providers assess disease risk, guide treatment decisions and support patient care. The company’s testing portfolio spans hereditary cancer, precision oncology, women’s health, mental health and other clinical applications.

Its products include hereditary cancer risk tests such as MyRisk and BRACAnalysis, which evaluate inherited genetic variants associated with cancers including breast and ovarian cancer.