Myriad Genetics (NASDAQ:MYGN) Reaches New 12-Month Low Following Analyst Downgrade

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price hit a new 52-week low during mid-day trading on Tuesday after Morgan Stanley lowered their price target on the stock from $32.00 to $21.00. Morgan Stanley currently has an equal weight rating on the stock. Myriad Genetics traded as low as $14.87 and last traded at $14.99, with a volume of 115861 shares. The stock had previously closed at $15.22.

A number of other equities analysts also recently commented on MYGN. TD Cowen boosted their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Piper Sandler lowered their price objective on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating for the company in a research report on Monday, November 11th. Wells Fargo & Company assumed coverage on Myriad Genetics in a research report on Tuesday, August 27th. They set an “overweight” rating and a $35.00 target price on the stock. StockNews.com upgraded Myriad Genetics from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Finally, JPMorgan Chase & Co. increased their price target on shares of Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $27.36.

Insider Buying and Selling at Myriad Genetics

In other news, CEO Paul J. Diaz sold 15,000 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $22.93, for a total transaction of $343,950.00. Following the completion of the transaction, the chief executive officer now directly owns 962,378 shares of the company’s stock, valued at approximately $22,067,327.54. This represents a 1.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Colleen F. Reitan sold 46,012 shares of Myriad Genetics stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total value of $1,286,035.40. Following the completion of the sale, the director now owns 42,533 shares in the company, valued at approximately $1,188,797.35. This trade represents a 51.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 71,012 shares of company stock valued at $1,900,485. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Myriad Genetics

A number of large investors have recently made changes to their positions in MYGN. Loomis Sayles & Co. L P boosted its holdings in Myriad Genetics by 153.7% during the third quarter. Loomis Sayles & Co. L P now owns 2,189,601 shares of the company’s stock worth $59,973,000 after buying an additional 1,326,497 shares in the last quarter. Disciplined Growth Investors Inc. MN lifted its position in shares of Myriad Genetics by 21.1% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock valued at $69,226,000 after acquiring an additional 440,107 shares during the period. Iron Triangle Partners LP acquired a new stake in shares of Myriad Genetics in the 3rd quarter worth approximately $11,007,000. State Street Corp increased its stake in Myriad Genetics by 8.3% in the 3rd quarter. State Street Corp now owns 4,703,442 shares of the company’s stock valued at $128,827,000 after purchasing an additional 359,685 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in Myriad Genetics by 26.7% during the third quarter. Point72 Asset Management L.P. now owns 1,063,711 shares of the company’s stock worth $29,135,000 after purchasing an additional 224,255 shares during the last quarter. Hedge funds and other institutional investors own 99.02% of the company’s stock.

Myriad Genetics Stock Performance

The stock’s 50 day moving average is $23.19 and its 200 day moving average is $24.64. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05.

About Myriad Genetics

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.