Myriad Genetics (NASDAQ:MYGN) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Myriad Genetics (NASDAQ:MYGN) from a hold rating to a sell rating in a report published on Saturday morning.

MYGN has been the topic of a number of other reports. Weiss Ratings lowered shares of Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, July 30th. Zacks Research lowered shares of Myriad Genetics from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 4th. Wells Fargo & Company decreased their target price 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, August 3rd. Finally, TD Cowen dropped 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. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Myriad Genetics presently has a consensus rating of “Reduce” and a consensus target price of $5.38.

Myriad Genetics Stock Down 0.3%

NASDAQ MYGN opened at $3.25 on Friday. The business has a fifty day moving average price of $4.99 and a 200 day moving average price of $4.80. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.98 and a current ratio of 2.21. The company has a market cap of $310.86 million, a P/E ratio of -2.73 and a beta of 1.69. Myriad Genetics has a one year low of $2.74 and a one year high of $8.59.

Myriad Genetics (NASDAQ:MYGN) last announced 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 business had revenue of $190.70 million for the quarter, compared to analyst estimates of $206.03 million. During the same period last year, the firm earned $0.05 EPS. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. Research analysts anticipate that Myriad Genetics will post -0.62 EPS for the current fiscal year.

Insider Activity

In other Myriad Genetics news, Director Rashmi Kumar sold 15,000 shares of Myriad Genetics stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $4.46, for a total transaction of $66,900.00. Following the transaction, the director directly owned 171,889 shares of the company’s stock, valued at $766,624.94. The trade was a 8.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 on Thursday, May 14th. The stock was purchased at an average price 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 in the company, valued at $359,557.29. The trade was a 8.34% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 1.90% of the company’s stock.

Institutional Trading of Myriad Genetics

Several institutional investors have recently made changes to their positions in MYGN. Orbimed Advisors LLC purchased a new position in Myriad Genetics in the first quarter worth approximately $562,500,000. BlackRock Inc. acquired a new position in shares of Myriad Genetics in the 2nd quarter valued at $62,184,000. Millennium Management LLC lifted its stake in shares of Myriad Genetics by 41.1% in the 4th quarter. Millennium Management LLC now owns 6,700,158 shares of the company’s stock valued at $41,206,000 after purchasing an additional 1,951,831 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Myriad Genetics by 157.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company’s stock worth $17,662,000 after purchasing an additional 1,492,405 shares during the period. Finally, Kent Lake PR LLC acquired a new stake in shares of Myriad Genetics during the 2nd quarter worth about $6,638,000. Hedge funds and other institutional investors own 99.02% of the company’s stock.

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.