Analysts Set Myriad Genetics, Inc. (NASDAQ:MYGN) Target Price at $4.90

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) have been given a consensus recommendation of “Reduce” by the seven research firms that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $4.90.

A number of equities analysts recently commented on the company. Weiss Ratings downgraded Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, July 30th. Wells Fargo & Company decreased their price objective on shares of Myriad Genetics from $5.50 to $3.00 and set an “equal weight” rating for the company in a report on Monday, August 3rd. Wall Street Zen cut shares of Myriad Genetics from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Stephens cut their target price on shares of Myriad Genetics from $5.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 18th. Finally, Zacks Research cut shares of Myriad Genetics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 4th.

Insider Buying and Selling at Myriad Genetics

In other Myriad Genetics news, Director Rashmi Kumar sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $4.46, for a total transaction of $66,900.00. Following the transaction, the director owned 171,889 shares in the company, valued at approximately $766,624.94. This represents a 8.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MYGN. Corient Private Wealth LP bought a new position in shares of Myriad Genetics during the second quarter valued at approximately $103,000. Syon Capital LLC bought a new stake in shares of Myriad Genetics in the 2nd quarter worth approximately $128,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Myriad Genetics in the 2nd quarter worth approximately $757,000. Bank of America Corp DE purchased a new position in Myriad Genetics during the second quarter valued at $5,150,000. Finally, Man Group plc purchased a new position in Myriad Genetics during the second quarter valued at $5,189,000. 99.02% of the stock is currently owned by institutional investors.

Myriad Genetics Price Performance

Shares of Myriad Genetics stock opened at $3.16 on Monday. The company’s fifty day simple moving average is $4.63 and its two-hundred day simple moving average is $4.57. Myriad Genetics has a 12-month low of $2.74 and a 12-month high of $8.59. The firm has a market cap of $302.25 million, a PE ratio of -2.66 and a beta of 1.69. The company has a quick ratio of 1.98, a current ratio of 2.21 and a debt-to-equity ratio of 0.40.

Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Thursday, July 30th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $190.70 million for the quarter, compared to analysts’ expectations of $206.03 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. The business’s revenue for the quarter was down 10.5% on a year-over-year basis. As a group, equities analysts expect that Myriad Genetics will post -0.99 EPS for the current year.

Myriad Genetics Company Profile

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.