Myriad Genetics (NASDAQ:MYGN) Shares Gap Down – What’s Next?

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price gapped down prior to trading on Friday . The stock had previously closed at $21.96, but opened at $20.04. Myriad Genetics shares last traded at $18.07, with a volume of 851,600 shares trading hands.

Analyst Upgrades and Downgrades

MYGN has been the subject of several research reports. Piper Sandler lifted their target price on Myriad Genetics from $28.00 to $30.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. TD Cowen upped their target price on Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Morgan Stanley started coverage on shares of Myriad Genetics in a research note on Thursday, September 19th. They set an “equal weight” rating and a $32.00 target price for the company. Wells Fargo & Company assumed coverage on shares of Myriad Genetics in a research note on Tuesday, August 27th. They set an “overweight” rating and a $35.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their target price on Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Myriad Genetics presently has an average rating of “Hold” and a consensus target price of $28.91.

Myriad Genetics Price Performance

The stock’s 50 day moving average price is $25.89 and its two-hundred day moving average price is $24.75. The company has a quick ratio of 1.78, a current ratio of 1.96 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of -10.19 and a beta of 1.91.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.06. The company had revenue of $211.50 million for the quarter, compared to analyst estimates of $206.44 million. Myriad Genetics had a negative net margin of 19.35% and a negative return on equity of 5.64%. Myriad Genetics’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.21) EPS. Analysts anticipate that Myriad Genetics, Inc. will post -0.35 EPS for the current fiscal year.

Insider Activity at Myriad Genetics

In other Myriad Genetics news, CEO Paul J. Diaz sold 15,000 shares of the firm’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 completion of the sale, the chief executive officer now owns 962,378 shares in the company, valued at approximately $22,067,327.54. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other 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 sale, the chief executive officer now directly owns 962,378 shares in the company, valued at approximately $22,067,327.54. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Heinrich Dreismann sold 10,000 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $27.05, for a total transaction of $270,500.00. Following the completion of the sale, the director now owns 121,648 shares in the company, valued at $3,290,578.40. This represents a 0.00 % 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. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Myriad Genetics

Large investors have recently modified their holdings of the stock. Hexagon Capital Partners LLC raised its position in Myriad Genetics by 75.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock worth $28,000 after purchasing an additional 491 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of Myriad Genetics during the second quarter valued at $36,000. GAMMA Investing LLC boosted its holdings in Myriad Genetics by 34.1% in the third quarter. GAMMA Investing LLC now owns 1,620 shares of the company’s stock valued at $44,000 after acquiring an additional 412 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in Myriad Genetics in the second quarter worth about $60,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Myriad Genetics during the 2nd quarter worth about $82,000. 99.02% of the stock is currently owned by institutional investors and hedge funds.

Myriad Genetics Company Profile

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.