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

Myriad Genetics (NASDAQ:MYGNGet Rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Separately, The Goldman Sachs Group lowered their target price on shares of Myriad Genetics from $26.00 to $23.00 and set a “sell” rating for the company in a research note on Tuesday.

Shares of NASDAQ:MYGN opened at $23.03 on Wednesday. The company has a fifty day simple moving average of $24.95 and a 200 day simple moving average of $26.97. The firm has a market cap of $1.84 billion, a PE ratio of -60.61 and a beta of 1.53. Myriad Genetics has a 12-month low of $22.35 and a 12-month high of $36.95.

Myriad Genetics (NASDAQ:MYGNGet Rating) last issued its quarterly earnings results on Thursday, February 24th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.04. The business had revenue of $160.80 million during the quarter, compared to analyst estimates of $162.21 million. Myriad Genetics had a negative net margin of 3.94% and a negative return on equity of 2.93%. The business’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.19) earnings per share. As a group, analysts forecast that Myriad Genetics will post -0.31 earnings per share for the current fiscal year.

In other Myriad Genetics news, insider Jayne B. Hart sold 10,500 shares of the business’s stock in a transaction on Monday, February 28th. The shares were sold at an average price of $25.00, for a total transaction of $262,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.70% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Rockefeller Capital Management L.P. boosted its holdings in shares of Myriad Genetics by 209.5% during the third quarter. Rockefeller Capital Management L.P. now owns 1,238 shares of the company’s stock valued at $39,000 after acquiring an additional 838 shares during the period. Spire Wealth Management acquired a new position in shares of Myriad Genetics during the fourth quarter valued at $48,000. Banque Cantonale Vaudoise acquired a new stake in Myriad Genetics in the third quarter worth about $65,000. Itau Unibanco Holding S.A. bought a new position in Myriad Genetics in the 4th quarter valued at about $81,000. Finally, US Bancorp DE grew its position in Myriad Genetics by 28.6% in the 3rd quarter. US Bancorp DE now owns 3,328 shares of the company’s stock valued at $108,000 after buying an additional 740 shares in the last quarter. 98.54% of the stock is owned by institutional investors.

Myriad Genetics Company Profile (Get Rating)

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops and commercializes genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and mental health applications. It 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, or 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.

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