Myriad Genetics (NASDAQ:MYGN) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of Myriad Genetics (NASDAQ:MYGN) from a hold rating to a strong sell rating in a research note released on Tuesday,Zacks.com reports.

A number of other equities analysts also recently weighed in on MYGN. TD Cowen reduced their price target on Myriad Genetics from $6.00 to $4.00 and set a “hold” rating for the company in a research report on Friday, July 31st. Wells Fargo & Company lowered their price target on shares of Myriad Genetics from $5.50 to $3.00 and set an “equal weight” rating on the stock in a research note on Monday. Finally, Weiss Ratings downgraded shares of Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $5.38.

Myriad Genetics Stock Performance

MYGN stock opened at $3.15 on Tuesday. The business’s fifty day moving average is $5.05 and its 200-day moving average is $4.86. The company has a market cap of $301.30 million, a P/E ratio of -2.65 and a beta of 1.69. The company has a quick ratio of 1.98, a current ratio of 2.21 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.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly 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). The company had revenue of $190.70 million during the quarter, compared to the consensus estimate of $206.03 million. Myriad Genetics had a negative net margin of 13.96% and a negative return on equity of 16.09%. The business’s revenue was down 10.5% compared to the same quarter last year. During the same period last year, the company earned $0.05 earnings per share. Equities research analysts forecast that Myriad Genetics will post -0.57 EPS for the current year.

Insider Buying and Selling

In other Myriad Genetics news, Director Paul Bisaro purchased 7,500 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were acquired at an average price of $3.69 per share, for a total transaction of $27,675.00. Following the purchase, the director owned 97,441 shares in the company, valued at approximately $359,557.29. The trade was a 8.34% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Rashmi Kumar sold 15,000 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $4.46, for a total value of $66,900.00. Following the sale, the director directly owned 171,889 shares of the company’s stock, valued at $766,624.94. This represents a 8.03% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Myriad Genetics

Several hedge funds have recently bought and sold shares of the stock. Amundi increased its stake in shares of Myriad Genetics by 79.2% during the first 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 raised its holdings in Myriad Genetics by 26.8% in the 1st quarter. Quantinno Capital Management LP now owns 90,622 shares of the company’s stock valued at $408,000 after acquiring an additional 19,179 shares in the last quarter. Orbimed Advisors LLC acquired a new position in Myriad Genetics in the first quarter valued at about $562,500,000. Weiss Asset Management LP acquired a new stake in Myriad Genetics during the first quarter worth about $787,000. Finally, Renaissance Technologies LLC increased its holdings in Myriad Genetics by 19.8% in the 1st quarter. Renaissance Technologies LLC now owns 454,374 shares of the company’s stock valued at $2,045,000 after buying an additional 75,000 shares during the period. 99.02% of the stock is currently 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.