Myriad Genetics (NASDAQ:MYGN) Stock Price Down 6% – Here’s What Happened

Myriad Genetics, Inc. (NASDAQ:MYGN) shares were down 6% during trading on Tuesday . The company traded as low as $13.41 and last traded at $13.42. Approximately 199,721 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 815,009 shares. The stock had previously closed at $14.28.

Analyst Ratings Changes

A number of analysts have recently commented on MYGN shares. Leerink Partners downgraded Myriad Genetics from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $30.00 to $21.00 in a research note on Monday, December 9th. Leerink Partnrs downgraded Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 9th. StockNews.com upgraded Myriad Genetics from a “hold” rating to a “buy” rating in a research note on Thursday, January 9th. Piper Sandler lowered their target price on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating on the stock in a research note on Monday, November 11th. Finally, Bank of America lowered their target price on Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating on the stock in a research note on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $24.27.

Myriad Genetics Stock Down 4.5 %

The business has a fifty day simple moving average of $15.05 and a 200 day simple moving average of $22.17. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -10.49 and a beta of 1.89. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73.

Hedge Funds Weigh In On Myriad Genetics

A number of hedge funds have recently made changes to their positions in MYGN. Arizona State Retirement System grew its position in shares of Myriad Genetics by 3.4% in the second quarter. Arizona State Retirement System now owns 25,160 shares of the company’s stock valued at $615,000 after purchasing an additional 829 shares in the last quarter. Quest Partners LLC grew its position in shares of Myriad Genetics by 10,724.5% in the second quarter. Quest Partners LLC now owns 5,304 shares of the company’s stock valued at $130,000 after purchasing an additional 5,255 shares in the last quarter. Texas Permanent School Fund Corp grew its position in shares of Myriad Genetics by 13.9% in the second quarter. Texas Permanent School Fund Corp now owns 88,278 shares of the company’s stock valued at $2,159,000 after purchasing an additional 10,793 shares in the last quarter. American Century Companies Inc. grew its position in shares of Myriad Genetics by 8.2% in the second quarter. American Century Companies Inc. now owns 50,805 shares of the company’s stock valued at $1,243,000 after purchasing an additional 3,868 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in shares of Myriad Genetics by 1.5% in the second quarter. Federated Hermes Inc. now owns 56,807 shares of the company’s stock valued at $1,389,000 after purchasing an additional 846 shares in the last quarter. Institutional investors and hedge funds 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.