Myriad Genetics, Inc. (MYGN) – What Are Researchers Saying About This Stock?

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) have earned a consensus recommendation of “Reduce” from the eight ratings firms that are covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $3.93.

Several equities research analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Myriad Genetics from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Piper Sandler lowered shares of Myriad Genetics from an “overweight” rating to an “underweight” rating and dropped their target price for the stock from $5.45 to $2.00 in a report on Tuesday, September 1st. TD Cowen reaffirmed a “hold” rating on shares of Myriad Genetics in a report on Tuesday. Stephens cut 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. Finally, Wells Fargo & Company reduced their target price on Myriad Genetics from $5.50 to $3.00 and set an “equal weight” rating on the stock in a research report on Monday, August 3rd.

Myriad Genetics Stock Performance

NASDAQ MYGN traded down $0.12 on Tuesday, reaching $4.08. 75,890 shares of the company’s stock traded hands, compared to its average volume of 1,755,803. The firm has a market cap of $390.73 million, a price-to-earnings ratio of -3.44 and a beta of 1.64. The stock has a 50 day moving average price of $3.59 and a 200-day moving average price of $4.37. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.98 and a current ratio of 2.21. Myriad Genetics has a fifty-two week low of $2.74 and a fifty-two week high of $8.59.

Myriad Genetics (NASDAQ:MYGN) last issued its earnings results on Thursday, July 30th. The company reported ($0.25) EPS 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 company had revenue of $190.70 million during the quarter, compared to analysts’ expectations of $206.03 million. During the same quarter in the previous year, the company earned $0.05 EPS. The firm’s quarterly revenue was down 10.5% compared to the same quarter last year. Equities research analysts predict that Myriad Genetics will post -0.99 EPS for the current fiscal year.

Institutional Investors Weigh In On Myriad Genetics

Several institutional investors and hedge funds have recently modified their holdings of the company. Williams & Novak Wealth Management LLC acquired a new stake in shares of Myriad Genetics during the third quarter worth about $67,000. Engineers Gate Manager LP lifted its position in shares of Myriad Genetics by 8.7% during the 2nd quarter. Engineers Gate Manager LP now owns 124,769 shares of the company’s stock worth $712,000 after purchasing an additional 9,970 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Myriad Genetics during the 2nd quarter worth about $54,000. NewEdge Advisors LLC purchased a new stake in Myriad Genetics during the second quarter worth approximately $299,000. Finally, Corient Private Wealth LP purchased a new stake in shares of Myriad Genetics during the 2nd quarter worth approximately $103,000. Hedge funds and other 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 designed to help healthcare professionals assess disease risk, guide treatment decisions and support patient care. The company serves physicians, hospitals, health systems, biopharmaceutical companies and patients, with a focus on areas including oncology, women’s health and mental health.

Its portfolio includes hereditary cancer testing, such as the MyRisk Hereditary Cancer test; tumor profiling and companion diagnostic services used to help inform cancer treatment; prenatal and carrier screening tests, including Prequel and Foresight; and pharmacogenomic testing, including GeneSight, which is intended to help clinicians evaluate how a patient may respond to certain psychiatric medications.