Myriad Genetics (NASDAQ:MYGN) Reaches New 52-Week Low After Analyst Downgrade

Myriad Genetics, Inc. (NASDAQ:MYGN) shares hit a new 52-week low during mid-day trading on Tuesday after Morgan Stanley lowered their price target on the stock from $32.00 to $21.00. Morgan Stanley currently has an equal weight rating on the stock. Myriad Genetics traded as low as $14.87 and last traded at $14.99, with a volume of 115861 shares changing hands. The stock had previously closed at $15.22.

MYGN has been the topic of a number of other research reports. JPMorgan Chase & Co. boosted their target price 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. Piper Sandler reduced their target price on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating for the company in a research note on Monday, November 11th. Scotiabank raised their price objective on Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 13th. StockNews.com raised Myriad Genetics from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Finally, Wells Fargo & Company started coverage on shares of Myriad Genetics in a research report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 price target for the company. Two analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $27.36.

Insiders Place Their Bets

In other news, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction of $270,500.00. Following the completion of the transaction, the director now owns 121,648 shares in the company, valued at approximately $3,290,578.40. This represents a 7.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Paul J. Diaz sold 15,000 shares of Myriad Genetics stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $22.93, for a total value of $343,950.00. Following the completion of the sale, the chief executive officer now directly owns 962,378 shares of the company’s stock, valued at approximately $22,067,327.54. This trade represents a 1.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 71,012 shares of company stock valued at $1,900,485. Company insiders own 2.10% of the company’s stock.

Institutional Trading of Myriad Genetics

Hedge funds and other institutional investors have recently modified their holdings of the business. Loomis Sayles & Co. L P grew its stake in Myriad Genetics by 153.7% in the 3rd quarter. Loomis Sayles & Co. L P now owns 2,189,601 shares of the company’s stock valued at $59,973,000 after buying an additional 1,326,497 shares in the last quarter. Disciplined Growth Investors Inc. MN boosted its holdings in shares of Myriad Genetics by 21.1% in the third quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock worth $69,226,000 after acquiring an additional 440,107 shares during the period. Iron Triangle Partners LP bought a new position in shares of Myriad Genetics in the third quarter worth $11,007,000. State Street Corp grew its position in shares of Myriad Genetics by 8.3% in the third quarter. State Street Corp now owns 4,703,442 shares of the company’s stock valued at $128,827,000 after purchasing an additional 359,685 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its stake in shares of Myriad Genetics by 26.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,063,711 shares of the company’s stock valued at $29,135,000 after purchasing an additional 224,255 shares during the period. Institutional investors own 99.02% of the company’s stock.

Myriad Genetics Price Performance

The business has a fifty day moving average of $22.95 and a 200-day moving average of $24.61. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. The firm has a market cap of $1.37 billion, a PE ratio of -11.54 and a beta of 1.93.

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.