Myriad Genetics (NASDAQ:MYGN) Trading Down 5.1% – Time to Sell?

Myriad Genetics, Inc. (NASDAQ:MYGN) was down 5.1% on Monday . The stock traded as low as $5.85 and last traded at $5.8660. Approximately 188,228 shares traded hands during trading, a decline of 88% from the average session volume of 1,591,536 shares. The stock had previously closed at $6.18.

Analysts Set New Price Targets

A number of research firms have recently commented on MYGN. TD Cowen dropped their price target on shares of Myriad Genetics from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, May 6th. Wells Fargo & Company reduced their price objective on Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating for the company in a research report on Wednesday, May 6th. Finally, Weiss Ratings upgraded shares of Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $6.50.

Myriad Genetics Price Performance

The company’s 50 day simple moving average is $4.87 and its two-hundred day simple moving average is $4.99. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.40 and a quick ratio of 2.19. The stock has a market capitalization of $558.20 million, a P/E ratio of -1.37 and a beta of 1.64.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). The business had revenue of $200.40 million for the quarter, compared to analyst estimates of $202.42 million. Myriad Genetics had a negative net margin of 48.24% and a negative return on equity of 8.51%. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) earnings per share. As a group, equities analysts expect that Myriad Genetics, Inc. will post -0.17 EPS for the current fiscal year.

Insider Transactions at Myriad Genetics

In other Myriad Genetics news, Director Rashmi Kumar sold 15,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $4.46, for a total value of $66,900.00. Following the completion of the sale, the director owned 171,889 shares in the company, valued at approximately $766,624.94. This trade represents a 8.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Bisaro bought 7,500 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was bought at an average cost of $3.69 per share, with a total value of $27,675.00. Following the completion of the purchase, the director owned 97,441 shares of the company’s stock, valued at approximately $359,557.29. The trade was a 8.34% increase in their position. 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 hedge funds have recently modified their holdings of MYGN. EverSource Wealth Advisors LLC raised its position in Myriad Genetics by 2,333.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company’s stock worth $25,000 after purchasing an additional 4,480 shares during the last quarter. Quarry LP lifted its holdings in Myriad Genetics by 155.6% during the 4th quarter. Quarry LP now owns 4,365 shares of the company’s stock worth $27,000 after buying an additional 2,657 shares in the last quarter. Royal Bank of Canada boosted its position in Myriad Genetics by 129.6% in the 4th quarter. Royal Bank of Canada now owns 4,993 shares of the company’s stock valued at $31,000 after buying an additional 2,818 shares during the last quarter. Raymond James Financial Inc. bought a new position in Myriad Genetics in the 2nd quarter valued at $37,000. Finally, American Century Companies Inc. acquired a new stake in shares of Myriad Genetics in the 2nd quarter valued at $55,000. 99.02% of the stock is 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.