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

StockNews.com downgraded shares of Myriad Genetics (NASDAQ:MYGN) from a buy rating to a hold rating in a research note released on Wednesday.

Other equities research analysts also recently issued reports about the stock. Piper Sandler lowered their price target on shares of Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating for the company in a report on Monday, November 11th. Morgan Stanley cut their price target on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a report on Monday, November 18th. Scotiabank raised their price objective on Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 13th. Wells Fargo & Company began coverage on Myriad Genetics in a research note on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 target price for the company. Finally, JPMorgan Chase & Co. raised their price target on Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $27.36.

Myriad Genetics Stock Up 2.4 %

MYGN opened at $15.49 on Wednesday. The firm has a market cap of $1.41 billion, a P/E ratio of -11.92 and a beta of 1.93. The business’s fifty day simple moving average is $22.26 and its 200 day simple moving average is $24.45. Myriad Genetics has a 52 week low of $14.72 and a 52 week high of $29.30. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05.

Insider Activity at Myriad Genetics

In related news, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the completion of the sale, the director now directly owns 121,648 shares in the company, valued at approximately $3,290,578.40. This represents a 7.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul J. Diaz sold 15,000 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $22.93, for a total value of $343,950.00. Following the completion of the transaction, the chief executive officer now directly owns 962,378 shares in the company, valued at $22,067,327.54. This trade represents a 1.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 71,012 shares of company stock worth $1,900,485. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

A number of large investors have recently modified their holdings of MYGN. ProShare Advisors LLC boosted its holdings in Myriad Genetics by 14.2% in the 1st quarter. ProShare Advisors LLC now owns 23,993 shares of the company’s stock worth $512,000 after acquiring an additional 2,990 shares during the period. State Board of Administration of Florida Retirement System boosted its stake in shares of Myriad Genetics by 8.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 25,107 shares of the company’s stock valued at $583,000 after purchasing an additional 2,050 shares during the period. Vanguard Group Inc. grew its holdings in Myriad Genetics by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 10,035,708 shares of the company’s stock valued at $213,961,000 after purchasing an additional 81,475 shares in the last quarter. Ameritas Investment Partners Inc. increased its stake in Myriad Genetics by 9.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock worth $186,000 after buying an additional 720 shares during the period. Finally, UniSuper Management Pty Ltd acquired a new position in Myriad Genetics in the 1st quarter worth $467,000. Institutional investors and hedge funds own 99.02% of the company’s stock.

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.