Myriad Genetics (NASDAQ:MYGN) Stock Falls 7% – Should You Sell?

by · The Markets Daily

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN – Get Free Report) fell 7% on Monday. The company traded as low as $6.02 and last traded at $5.9040. 158,750 shares traded hands during trading, a decline of 92% from the average daily volume of 1,885,413 shares. The stock had previously closed at $6.35.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MYGN. Wall Street Zen downgraded Myriad Genetics from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Wells Fargo & Company set a $4.50 target price on shares of Myriad Genetics in a research note on Tuesday, October 20th. Craig Hallum raised their target price on shares of Myriad Genetics from $4.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, October 2nd. Weiss Ratings downgraded shares of Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, October 27th. Finally, Piper Sandler upgraded shares of Myriad Genetics from an “underweight” rating to a “neutral” rating and set a $5.00 price target for the company in a research report on Tuesday, October 20th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Myriad Genetics presently has an average rating of “Hold” and an average price target of $4.77.

Check Out Our Latest Analysis on MYGN

Myriad Genetics Stock Up 3.2%

The firm has a market capitalization of $577.73 million, a PE ratio of -5.08 and a beta of 1.62. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.21 and a quick ratio of 1.98. The company has a 50-day moving average price of $4.33 and a 200 day moving average price of $4.62.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vise Technologies Inc. bought a new stake in shares of Myriad Genetics in the third quarter worth about $117,000. State of Wyoming lifted its position in shares of Myriad Genetics by 9.5% in the third quarter. State of Wyoming now owns 117,979 shares of the company’s stock worth $508,000 after buying an additional 10,196 shares in the last quarter. Pinnacle Associates Ltd. purchased a new stake in shares of Myriad Genetics in the third quarter worth about $44,000. Williams & Novak Wealth Management LLC bought a new position in Myriad Genetics during the third quarter valued at approximately $67,000. Finally, Engineers Gate Manager LP boosted its stake in Myriad Genetics by 8.7% during the second quarter. Engineers Gate Manager LP now owns 124,769 shares of the company’s stock valued at $712,000 after buying an additional 9,970 shares during the last quarter. 99.02% of the stock is owned by hedge funds and other institutional investors.

Myriad Genetics Company Profile

(Get Free Report)

Myriad Genetics, Inc is a molecular diagnostics company that develops and provides genetic tests and related services to help healthcare providers assess disease risk, guide treatment decisions and support patient care. The company’s testing portfolio spans hereditary cancer, precision oncology, women’s health, mental health and other clinical applications.

Its products include hereditary cancer risk tests such as MyRisk and BRACAnalysis, which evaluate inherited genetic variants associated with cancers including breast and ovarian cancer.

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