Myriad Genetics (NASDAQ:MYGN) Shares Down 6.5% – Time to Sell?

Myriad Genetics, Inc. (NASDAQ:MYGN) shares were down 6.5% during mid-day trading on Tuesday . The stock traded as low as $5.47 and last traded at $5.5360. Approximately 304,465 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 877,079 shares. The stock had previously closed at $5.92.

Analysts Set New Price Targets

A number of research firms recently commented on MYGN. Weiss Ratings reiterated a “sell (d-)” rating on shares of Myriad Genetics in a research note on Monday, December 29th. Wells Fargo & Company boosted their price objective on Myriad Genetics from $6.00 to $6.50 and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Piper Sandler decreased their target price on shares of Myriad Genetics from $9.00 to $8.50 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Cowen reissued a “hold” rating on shares of Myriad Genetics in a report on Tuesday, November 4th. Finally, TD Cowen lifted their price objective on shares of Myriad Genetics from $8.00 to $9.00 and gave the company a “hold” rating in a report on Tuesday, November 4th. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $9.44.

Myriad Genetics Price Performance

The stock’s 50 day moving average is $6.75 and its two-hundred day moving average is $6.58. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.12 and a current ratio of 2.33. The stock has a market capitalization of $529.46 million, a PE ratio of -1.31 and a beta of 1.81.

Hedge Funds Weigh In On Myriad Genetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. grew 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 acquiring an additional 979,133 shares in the last quarter. Inspire Investing LLC lifted its position in shares of Myriad Genetics by 93.3% during the 2nd quarter. Inspire Investing LLC now owns 84,520 shares of the company’s stock worth $449,000 after purchasing an additional 40,793 shares during the last quarter. Nordea Investment Management AB lifted its position in shares of Myriad Genetics by 19.5% during the 2nd quarter. Nordea Investment Management AB now owns 402,910 shares of the company’s stock worth $2,152,000 after purchasing an additional 65,781 shares during the last quarter. Prudential Financial Inc. grew its stake in shares of Myriad Genetics by 95.1% during the second quarter. Prudential Financial Inc. now owns 342,684 shares of the company’s stock worth $1,820,000 after purchasing an additional 167,023 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in Myriad Genetics by 20.4% in the second quarter. Fisher Asset Management LLC now owns 1,294,822 shares of the company’s stock valued at $6,876,000 after buying an additional 219,607 shares during the last quarter. Hedge funds and other institutional investors 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.