Myriad Genetics (NASDAQ:MYGN) Shares Gap Down – Should You Sell?

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price gapped down before the market opened on Friday . The stock had previously closed at $21.96, but opened at $20.04. Myriad Genetics shares last traded at $18.07, with a volume of 851,600 shares.

Wall Street Analyst Weigh In

Several brokerages have commented on MYGN. Morgan Stanley initiated coverage on shares of Myriad Genetics in a research note on Thursday, September 19th. They issued an “equal weight” rating and a $32.00 target price for the company. TD Cowen raised their price objective on Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. boosted their target price on Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research note on Wednesday, August 7th. Scotiabank raised their price target on Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, August 13th. Finally, Wells Fargo & Company began coverage on Myriad Genetics in a research note on Tuesday, August 27th. They set an “overweight” rating and a $35.00 target price for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Myriad Genetics currently has a consensus rating of “Hold” and a consensus price target of $28.91.

Myriad Genetics Stock Down 21.6 %

The company has a current ratio of 1.96, a quick ratio of 1.78 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $1.56 billion, a P/E ratio of -10.19 and a beta of 1.91. The firm’s 50 day moving average price is $25.89 and its two-hundred day moving average price is $24.75.

Myriad Genetics (NASDAQ:MYGN) last released its earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.06. Myriad Genetics had a negative net margin of 19.35% and a negative return on equity of 5.64%. The business had revenue of $211.50 million during the quarter, compared to the consensus estimate of $206.44 million. During the same quarter last year, the firm earned ($0.21) earnings per share. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. Equities research analysts forecast that Myriad Genetics, Inc. will post -0.35 EPS for the current year.

Insider Buying and Selling at Myriad Genetics

In related news, Director Colleen F. Reitan sold 46,012 shares of Myriad Genetics stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the completion of the sale, the director now directly owns 42,533 shares of the company’s stock, valued at approximately $1,188,797.35. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Heinrich Dreismann sold 10,000 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the completion of the transaction, the director now owns 121,648 shares of the company’s stock, valued at $3,290,578.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Colleen F. Reitan sold 46,012 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the sale, the director now directly owns 42,533 shares of the company’s stock, valued at approximately $1,188,797.35. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 71,012 shares of company stock worth $1,900,485 over the last 90 days. Company insiders own 2.10% of the company’s stock.

Institutional Trading of Myriad Genetics

Large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC lifted its stake in Myriad Genetics by 90.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,805 shares of the company’s stock valued at $188,000 after purchasing an additional 4,193 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Myriad Genetics by 80.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 334,717 shares of the company’s stock valued at $7,620,000 after purchasing an additional 149,234 shares during the period. Nordea Investment Management AB raised its position in Myriad Genetics by 5.6% during the 1st quarter. Nordea Investment Management AB now owns 128,903 shares of the company’s stock worth $2,769,000 after purchasing an additional 6,807 shares during the last quarter. Texas Permanent School Fund Corp grew its position in shares of Myriad Genetics by 1.2% in the 1st quarter. Texas Permanent School Fund Corp now owns 77,485 shares of the company’s stock valued at $1,652,000 after buying an additional 889 shares during the last quarter. Finally, AMH Equity Ltd bought a new position in shares of Myriad Genetics during the first quarter worth about $2,345,000. 99.02% of the stock is owned by institutional investors and hedge funds.

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.