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

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

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

Myriad Genetics Price Performance

Shares of Myriad Genetics stock opened at $3.15 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.21 and a quick ratio of 1.98. Myriad Genetics has a one year low of $2.74 and a one year high of $8.59. The business’s 50 day simple moving average is $5.05 and its two-hundred day simple moving average is $4.86. The stock has a market capitalization of $301.30 million, a P/E ratio of -2.65 and a beta of 1.69.

Myriad Genetics (NASDAQ:MYGN) last issued its 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 return on equity of 16.09% and a negative net margin of 13.96%.The firm had revenue of $190.70 million during the quarter, compared to the consensus estimate of $206.03 million. During the same quarter in the prior year, the business posted $0.05 EPS. The firm’s revenue for the quarter was down 10.5% on a year-over-year basis. Analysts forecast that Myriad Genetics will post -0.57 EPS for the current year.

Insider Activity

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

Institutional Investors Weigh In On Myriad Genetics

Hedge funds have recently made changes to their positions in the company. Baird Financial Group Inc. bought a new position in Myriad Genetics in the first quarter worth $105,000. Royal Bank of Canada lifted its position in Myriad Genetics by 82.4% during the first quarter. Royal Bank of Canada now owns 33,326 shares of the company’s stock valued at $296,000 after buying an additional 15,057 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Myriad Genetics by 278.9% during the 1st quarter. AQR Capital Management LLC now owns 433,392 shares of the company’s stock valued at $3,844,000 after buying an additional 319,007 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Myriad Genetics by 4.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 299,256 shares of the company’s stock worth $2,654,000 after buying an additional 14,027 shares during the period. Finally, Jane Street Group LLC grew its position in shares of Myriad Genetics by 1,076.9% in the 1st quarter. Jane Street Group LLC now owns 213,826 shares of the company’s stock worth $1,897,000 after buying an additional 195,658 shares during the period. 99.02% of the stock is currently owned by institutional investors.

Myriad Genetics Company Profile

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.