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

Myriad Genetics (NASDAQ:MYGNGet Rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Saturday.

Separately, The Goldman Sachs Group cut their price objective on Myriad Genetics from $26.00 to $23.00 and set a “sell” rating for the company in a report on Tuesday, April 19th.

NASDAQ:MYGN opened at $22.37 on Friday. Myriad Genetics has a 1 year low of $18.98 and a 1 year high of $36.95. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of -186.42 and a beta of 1.57. The business has a fifty day moving average of $23.61 and a 200-day moving average of $25.69.

Myriad Genetics (NASDAQ:MYGNGet Rating) last released its quarterly earnings results on Thursday, May 5th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. Myriad Genetics had a negative return on equity of 2.75% and a negative net margin of 1.20%. The company had revenue of $164.90 million during the quarter, compared to analysts’ expectations of $156.09 million. During the same quarter in the prior year, the business posted ($0.16) earnings per share. The company’s revenue for the quarter was down 4.7% compared to the same quarter last year. Equities analysts expect that Myriad Genetics will post -0.3 EPS for the current fiscal year.

In other news, insider Jayne B. Hart sold 10,500 shares of the company’s stock in a transaction on Monday, February 28th. The stock was sold at an average price of $25.00, for a total value of $262,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.80% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Strs Ohio lifted its holdings in shares of Myriad Genetics by 13.3% during the fourth quarter. Strs Ohio now owns 44,200 shares of the company’s stock valued at $1,219,000 after purchasing an additional 5,200 shares during the last quarter. Barclays PLC lifted its holdings in shares of Myriad Genetics by 122.4% during the third quarter. Barclays PLC now owns 102,424 shares of the company’s stock valued at $3,308,000 after purchasing an additional 56,376 shares during the last quarter. Balyasny Asset Management LLC purchased a new stake in shares of Myriad Genetics during the third quarter valued at $7,142,000. Fifth Third Bancorp lifted its holdings in shares of Myriad Genetics by 21.9% during the fourth quarter. Fifth Third Bancorp now owns 17,024 shares of the company’s stock valued at $470,000 after purchasing an additional 3,056 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in shares of Myriad Genetics by 46.7% during the fourth quarter. Fisher Asset Management LLC now owns 86,231 shares of the company’s stock valued at $2,380,000 after purchasing an additional 27,464 shares during the last quarter. Institutional investors and hedge funds own 97.44% of the company’s stock.

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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