Myriad Genetics (NASDAQ:MYGN) Cut to “Strong Sell” at Zacks Research

Zacks Research downgraded shares of Myriad Genetics (NASDAQ:MYGN) from a hold rating to a strong sell rating in a research report report published on Monday morning,Zacks.com reports.

MYGN has been the topic of several other research reports. TD Cowen restated a “hold” rating on shares of Myriad Genetics in a research report on Tuesday, November 4th. Wells Fargo & Company lifted their price objective on shares of Myriad Genetics from $6.00 to $6.50 and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Piper Sandler decreased their price objective on shares of Myriad Genetics from $9.00 to $8.50 and set an “overweight” rating for the company in a research report on Tuesday, November 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Myriad Genetics in a research note on Monday, December 29th. Finally, UBS Group upped their target price on Myriad Genetics from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 4th. Four analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $9.44.

Myriad Genetics Stock Performance

Shares of NASDAQ MYGN opened at $5.84 on Monday. The company has a current ratio of 2.33, a quick ratio of 2.12 and a debt-to-equity ratio of 0.32. The company has a 50 day simple moving average of $6.72 and a two-hundred day simple moving average of $6.58. Myriad Genetics has a 12 month low of $3.76 and a 12 month high of $15.47. The stock has a market cap of $544.35 million, a price-to-earnings ratio of -1.35 and a beta of 1.81.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MYGN. Aberdeen Group plc increased its position in Myriad Genetics by 38.6% during the fourth quarter. Aberdeen Group plc now owns 885,801 shares of the company’s stock worth $5,448,000 after purchasing an additional 246,748 shares during the last quarter. Pallas Capital Advisors LLC purchased a new stake in Myriad Genetics in the fourth quarter valued at $79,000. SG Americas Securities LLC lifted its stake in shares of Myriad Genetics by 35.5% in the 4th quarter. SG Americas Securities LLC now owns 39,808 shares of the company’s stock valued at $245,000 after purchasing an additional 10,424 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Myriad Genetics by 18.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 36,988 shares of the company’s stock valued at $241,000 after purchasing an additional 5,694 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Myriad Genetics by 157.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company’s stock worth $17,662,000 after purchasing an additional 1,492,405 shares during the period. Institutional investors and hedge funds own 99.02% of the company’s stock.

About Myriad Genetics

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.