Myriad Genetics (NASDAQ:MYGN) Sets New 1-Year Low – Time to Sell?

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $14.20 and last traded at $14.75, with a volume of 350350 shares. The stock had previously closed at $14.51.

Analysts Set New Price Targets

Several research firms have issued reports on MYGN. Wells Fargo & Company initiated coverage on Myriad Genetics in a research note on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 price target on the stock. Leerink Partnrs cut shares of Myriad Genetics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 9th. UBS Group assumed coverage on shares of Myriad Genetics in a research note on Tuesday. They issued a “neutral” rating and a $18.00 price target on the stock. Leerink Partners downgraded shares of Myriad Genetics from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $30.00 to $21.00 in a research note on Monday, December 9th. Finally, Bank of America decreased their price objective on Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating for the company in a report on Friday. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Myriad Genetics has an average rating of “Hold” and an average price target of $24.17.

Myriad Genetics Trading Down 0.5 %

The business has a 50 day moving average of $18.82 and a two-hundred day moving average of $23.57. The firm has a market cap of $1.31 billion, a P/E ratio of -11.10 and a beta of 1.87. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05.

Insider Buying and Selling

In related news, CEO Paul J. Diaz sold 15,000 shares of the business’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $22.93, for a total value of $343,950.00. Following the completion of the sale, the chief executive officer now directly owns 962,378 shares in the company, valued at $22,067,327.54. The trade was a 1.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Myriad Genetics

Hedge funds and other institutional investors have recently modified their holdings of the company. State of New Jersey Common Pension Fund D bought a new position in Myriad Genetics during the third quarter worth about $1,965,000. Legato Capital Management LLC bought a new position in shares of Myriad Genetics during the second quarter worth approximately $1,123,000. Assenagon Asset Management S.A. raised its position in shares of Myriad Genetics by 26.7% in the second quarter. Assenagon Asset Management S.A. now owns 250,524 shares of the company’s stock valued at $6,128,000 after buying an additional 52,813 shares in the last quarter. Maven Securities LTD bought a new stake in shares of Myriad Genetics in the second quarter valued at approximately $1,223,000. Finally, Simplify Asset Management Inc. acquired a new stake in Myriad Genetics during the third quarter worth approximately $4,756,000. Institutional investors and hedge funds own 99.02% of the company’s stock.

Myriad Genetics Company Profile

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