Zacks Research Downgrades Myriad Genetics (NASDAQ:MYGN) to Strong Sell

Myriad Genetics (NASDAQ:MYGN) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday,Zacks.com reports.

MYGN has been the subject of several other reports. Weiss Ratings cut Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 30th. Wells Fargo & Company dropped their price target on shares of Myriad Genetics from $5.50 to $3.00 and set an “equal weight” rating for the company in a research note on Monday. Finally, TD Cowen cut their price target on shares of Myriad Genetics from $6.00 to $4.00 and set a “hold” rating on the stock in a report on Friday, July 31st. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Myriad Genetics currently has a consensus rating of “Reduce” and a consensus target price of $5.38.

Myriad Genetics Stock Performance

NASDAQ:MYGN opened at $3.15 on Tuesday. The firm’s fifty day simple moving average is $5.05 and its 200 day simple moving average is $4.86. The company has a current ratio of 2.21, a quick ratio of 1.98 and a debt-to-equity ratio of 0.40. Myriad Genetics has a twelve month low of $2.74 and a twelve month high of $8.59. The firm has a market capitalization of $301.30 million, a price-to-earnings ratio of -2.65 and a beta of 1.69.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.19). Myriad Genetics had a negative net margin of 13.96% and a negative return on equity of 16.09%. The company had revenue of $190.70 million during the quarter, compared to analyst estimates of $206.03 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. The firm’s revenue for the quarter was down 10.5% on a year-over-year basis. As a group, equities research analysts expect that Myriad Genetics will post -0.57 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Rashmi Kumar sold 15,000 shares of Myriad Genetics 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 owned 171,889 shares in the company, valued at approximately $766,624.94. This trade represents a 8.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Bisaro bought 7,500 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was purchased at an average price of $3.69 per share, with a total value of $27,675.00. Following the transaction, the director owned 97,441 shares in the company, valued at approximately $359,557.29. This represents a 8.34% increase in their position. The disclosure for this purchase is available in the SEC filing. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Myriad Genetics

Several institutional investors and hedge funds have recently made changes to their positions in MYGN. EverSource Wealth Advisors LLC lifted its stake in Myriad Genetics by 2,333.3% during the second quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company’s stock worth $25,000 after purchasing an additional 4,480 shares during the last quarter. Quarry LP boosted its holdings in Myriad Genetics by 155.6% in the fourth quarter. Quarry LP now owns 4,365 shares of the company’s stock worth $27,000 after purchasing an additional 2,657 shares during the period. Royal Bank of Canada increased its stake in Myriad Genetics by 129.6% during the fourth quarter. Royal Bank of Canada now owns 4,993 shares of the company’s stock valued at $31,000 after purchasing an additional 2,818 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Myriad Genetics during the second quarter valued at $37,000. Finally, American Century Companies Inc. acquired a new stake in shares of Myriad Genetics during the second quarter worth $55,000. 99.02% of the stock is owned by institutional investors and hedge funds.

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.