Myriad Genetics (NASDAQ:MYGN) Downgraded by Zacks Research to Strong Sell

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

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

Myriad Genetics Trading Down 4.1%

Myriad Genetics stock opened at $5.68 on Monday. The business has a 50 day moving average price of $6.73 and a two-hundred day moving average price of $6.58. The company has a quick ratio of 2.12, a current ratio of 2.33 and a debt-to-equity ratio of 0.32. 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 $529.43 million, a price-to-earnings ratio of -1.31 and a beta of 1.81.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Glenview Capital Management LLC grew its holdings in Myriad Genetics by 17.6% during the 2nd quarter. Glenview Capital Management LLC now owns 4,587,407 shares of the company’s stock worth $24,359,000 after acquiring an additional 687,857 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of Myriad Genetics by 157.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company’s stock valued at $17,662,000 after purchasing an additional 1,492,405 shares during the last quarter. Qube Research & Technologies Ltd increased its holdings in shares of Myriad Genetics by 44.7% in the second quarter. Qube Research & Technologies Ltd now owns 2,051,588 shares of the company’s stock valued at $10,894,000 after purchasing an additional 633,439 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Myriad Genetics by 50.5% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,387,832 shares of the company’s stock worth $7,369,000 after purchasing an additional 465,921 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Myriad Genetics by 301.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,304,163 shares of the company’s stock worth $9,429,000 after buying an additional 979,133 shares in the last quarter. Institutional investors and hedge funds own 99.02% of the company’s stock.

Myriad Genetics Company Profile

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.