Myriad Genetics (NASDAQ:MYGN) Stock Crosses Above 200 Day Moving Average – What’s Next?

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $5.00 and traded as high as $6.36. Myriad Genetics shares last traded at $6.31, with a volume of 1,100,418 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Weiss Ratings raised Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday. TD Cowen cut their price target on Myriad Genetics from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, May 6th. Finally, Wells Fargo & Company dropped their price objective on Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $6.50.

Myriad Genetics Stock Up 0.2%

The firm has a 50 day simple moving average of $4.76 and a two-hundred day simple moving average of $5.00. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.40 and a quick ratio of 2.19. The stock has a market cap of $586.06 million, a price-to-earnings ratio of -1.43 and a beta of 1.64.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). Myriad Genetics had a negative return on equity of 8.51% and a negative net margin of 48.24%.The firm had revenue of $200.40 million for the quarter, compared to the consensus estimate of $202.42 million. During the same period in the prior year, the business earned ($0.03) earnings per share. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, sell-side analysts expect that Myriad Genetics, Inc. will post -0.17 EPS for the current year.

Insider Activity

In related news, Director Rashmi Kumar sold 15,000 shares of the business’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 value of $66,900.00. Following the completion of the transaction, the director directly owned 171,889 shares in the company, valued at approximately $766,624.94. The trade was a 8.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Bisaro bought 7,500 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were acquired at an average cost of $3.69 per share, with a total value of $27,675.00. Following the completion of the purchase, the director owned 97,441 shares in the company, valued at $359,557.29. This represents a 8.34% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

Institutional investors have recently added to or reduced their stakes in the stock. Amundi boosted its stake in Myriad Genetics by 79.2% in the 1st quarter. Amundi now owns 27,976 shares of the company’s stock worth $126,000 after purchasing an additional 12,367 shares during the period. Quantinno Capital Management LP lifted its holdings in shares of Myriad Genetics by 26.8% in the first quarter. Quantinno Capital Management LP now owns 90,622 shares of the company’s stock valued at $408,000 after purchasing an additional 19,179 shares in the last quarter. Orbimed Advisors LLC acquired a new position in shares of Myriad Genetics during the first quarter worth about $562,500,000. Weiss Asset Management LP acquired a new position in shares of Myriad Genetics during the first quarter worth about $787,000. Finally, Renaissance Technologies LLC grew its holdings in shares of Myriad Genetics by 19.8% during the first quarter. Renaissance Technologies LLC now owns 454,374 shares of the company’s stock worth $2,045,000 after buying an additional 75,000 shares in the last quarter. 99.02% of the stock is owned by institutional investors.

About Myriad Genetics

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.