Myriad Genetics (NASDAQ:MYGN) Cut to Hold at StockNews.com

StockNews.com cut shares of Myriad Genetics (NASDAQ:MYGN) from a buy rating to a hold rating in a research report sent to investors on Wednesday.

MYGN has been the topic of a number of other research reports. TD Cowen upped their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Morgan Stanley dropped their target price on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating on the stock in a report on Monday, November 18th. Wells Fargo & Company assumed coverage on Myriad Genetics in a report on Tuesday, August 27th. They set an “overweight” rating and a $35.00 price target for the company. 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. Finally, JPMorgan Chase & Co. increased their target price on shares of Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $27.36.

Myriad Genetics Stock Performance

Shares of MYGN stock opened at $15.49 on Wednesday. Myriad Genetics has a 12 month low of $14.72 and a 12 month high of $29.30. The firm has a market capitalization of $1.41 billion, a PE ratio of -11.92 and a beta of 1.93. The firm has a fifty day simple moving average of $22.26 and a two-hundred day simple moving average of $24.48. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05.

Insider Activity at Myriad Genetics

In related news, CEO Paul J. Diaz sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $22.93, for a total value of $343,950.00. Following the transaction, the chief executive officer now owns 962,378 shares in the company, valued at approximately $22,067,327.54. This represents a 1.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Heinrich Dreismann sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $27.05, for a total value 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. The trade was a 7.60 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 71,012 shares of company stock worth $1,900,485. 2.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Myriad Genetics

Large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in Myriad Genetics by 1.0% during the third quarter. Geode Capital Management LLC now owns 2,154,035 shares of the company’s stock valued at $59,010,000 after purchasing an additional 21,220 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its stake in shares of Myriad Genetics by 21.1% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock valued at $69,226,000 after buying an additional 440,107 shares in the last quarter. Barclays PLC lifted its stake in shares of Myriad Genetics by 136.9% during the 3rd quarter. Barclays PLC now owns 190,243 shares of the company’s stock valued at $5,210,000 after buying an additional 109,931 shares in the last quarter. Y Intercept Hong Kong Ltd grew its stake in Myriad Genetics by 188.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 38,533 shares of the company’s stock valued at $1,055,000 after buying an additional 25,179 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in Myriad Genetics by 19.4% during the 3rd quarter. Jane Street Group LLC now owns 121,181 shares of the company’s stock valued at $3,319,000 after acquiring an additional 19,684 shares during the period. Hedge funds and other institutional investors own 99.02% of the company’s stock.

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.