Myriad Genetics (NASDAQ:MYGN) Downgraded to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of Myriad Genetics (NASDAQ:MYGN) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company assumed coverage on shares of Myriad Genetics in a research note on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 target price on the stock. Scotiabank upped their price objective on Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 13th. Morgan Stanley reduced their target price on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating on the stock in a report on Monday, November 18th. TD Cowen boosted their price target on Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. upped their price target on Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $27.36.

Myriad Genetics Stock Up 2.4 %

Shares of NASDAQ:MYGN opened at $15.49 on Wednesday. The firm has a market cap of $1.41 billion, a PE ratio of -11.92 and a beta of 1.93. The company has a fifty day simple moving average of $22.26 and a 200 day simple moving average of $24.45. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. Myriad Genetics has a 12-month low of $14.72 and a 12-month high of $29.30.

Insider Activity at Myriad Genetics

In related news, CEO Paul J. Diaz sold 15,000 shares of Myriad Genetics stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $22.93, for a total value of $343,950.00. Following the sale, the chief executive officer now directly owns 962,378 shares in the company, valued at $22,067,327.54. This trade represents a 1.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Heinrich Dreismann sold 10,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $27.05, for a total transaction of $270,500.00. Following the transaction, the director now directly owns 121,648 shares of the company’s stock, valued at $3,290,578.40. The trade was a 7.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 71,012 shares of company stock worth $1,900,485 in the last 90 days. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Myriad Genetics

A number of hedge funds have recently made changes to their positions in the business. Loomis Sayles & Co. L P grew its stake in shares of Myriad Genetics by 153.7% in the third quarter. Loomis Sayles & Co. L P now owns 2,189,601 shares of the company’s stock worth $59,973,000 after purchasing an additional 1,326,497 shares in the last quarter. Disciplined Growth Investors Inc. MN lifted its holdings in Myriad Genetics by 21.1% in the third quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock worth $69,226,000 after purchasing an additional 440,107 shares during the period. Iron Triangle Partners LP bought a new position in Myriad Genetics in the 3rd quarter valued at about $11,007,000. State Street Corp increased its stake in Myriad Genetics by 8.3% during the 3rd quarter. State Street Corp now owns 4,703,442 shares of the company’s stock valued at $128,827,000 after buying an additional 359,685 shares during the period. Finally, Point72 Asset Management L.P. raised its position in shares of Myriad Genetics by 26.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,063,711 shares of the company’s stock worth $29,135,000 after buying an additional 224,255 shares in the last quarter. Institutional investors own 99.02% of the company’s stock.

About Myriad Genetics

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.