Myriad Genetics (NASDAQ:MYGN) Rating Lowered to Hold at StockNews.com

Myriad Genetics (NASDAQ:MYGN) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

Other equities research analysts also recently issued reports about the stock. Wells Fargo & Company initiated coverage on shares of Myriad Genetics in a research report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 price objective on the stock. Scotiabank increased their price objective on shares of Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research report on Tuesday, August 13th. JPMorgan Chase & Co. increased their price objective on shares of Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Wednesday, August 7th. TD Cowen increased their price objective on shares of Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Finally, Piper Sandler dropped their price objective on shares of Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating on the stock in a research report on Monday, November 11th. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $27.36.

Myriad Genetics Price Performance

Shares of MYGN opened at $15.00 on Wednesday. Myriad Genetics has a fifty-two week low of $14.77 and a fifty-two week high of $29.30. The firm’s 50 day moving average price is $22.95 and its 200 day moving average price is $24.61. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05. The company has a market cap of $1.37 billion, a P/E ratio of -11.54 and a beta of 1.93.

Insider Activity at Myriad Genetics

In related news, Director Colleen F. Reitan sold 46,012 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the completion of the sale, the director now owns 42,533 shares in the company, valued at $1,188,797.35. This represents a 51.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Paul J. Diaz sold 15,000 shares of the stock in a transaction 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 sale, the chief executive officer now 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 disclosure for this sale can be found here. Insiders have sold 71,012 shares of company stock valued at $1,900,485 in the last ninety days. Insiders own 2.10% of the company’s stock.

Institutional Trading of Myriad Genetics

A number of large investors have recently bought and sold shares of MYGN. ProShare Advisors LLC lifted its stake in shares of Myriad Genetics by 14.2% in the 1st quarter. ProShare Advisors LLC now owns 23,993 shares of the company’s stock worth $512,000 after acquiring an additional 2,990 shares during the period. State Board of Administration of Florida Retirement System increased its holdings in Myriad Genetics by 8.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 25,107 shares of the company’s stock valued at $583,000 after acquiring an additional 2,050 shares in the last quarter. Vanguard Group Inc. increased its holdings in Myriad Genetics by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 10,035,708 shares of the company’s stock valued at $213,961,000 after acquiring an additional 81,475 shares in the last quarter. Ameritas Investment Partners Inc. increased its holdings in Myriad Genetics by 9.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock valued at $186,000 after acquiring an additional 720 shares in the last quarter. Finally, UniSuper Management Pty Ltd purchased a new stake in shares of Myriad Genetics during the first quarter worth about $467,000. Institutional investors and hedge funds own 99.02% of the company’s stock.

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.