Myriad Genetics (NASDAQ:MYGN) Share Price Passes Above 200 Day Moving Average – Time to Sell?

Myriad Genetics, Inc. (NASDAQ:MYGN)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $5.10 and traded as high as $5.51. Myriad Genetics shares last traded at $5.43, with a volume of 2,062,112 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Weiss Ratings cut shares of Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday. Wells Fargo & Company lowered their price objective on Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Wednesday, May 6th. TD Cowen dropped their target price on Myriad Genetics from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, May 6th. Finally, Zacks Research upgraded Myriad Genetics from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 26th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Myriad Genetics currently has a consensus rating of “Hold” and a consensus target price of $6.50.

Myriad Genetics Price Performance

The company’s 50 day moving average price is $4.42 and its 200 day moving average price is $5.10. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.19 and a current ratio of 2.40. The company has a market cap of $512.86 million, a price-to-earnings ratio of -1.26 and a beta of 1.73.

Myriad Genetics (NASDAQ:MYGN) last announced its earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). Myriad Genetics had a negative return on equity of 8.51% and a negative net margin of 48.24%.The firm had revenue of $200.40 million for the quarter, compared to analyst estimates of $202.42 million. During the same quarter last year, the business earned ($0.03) EPS. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities research analysts predict that Myriad Genetics, Inc. will post -0.17 earnings per share for the current fiscal year.

Insider Activity at Myriad Genetics

In related news, Director Rashmi Kumar sold 15,000 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $4.46, for a total transaction of $66,900.00. Following the sale, the director directly owned 171,889 shares in the company, valued at $766,624.94. This represents a 8.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Bisaro purchased 7,500 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were acquired at an average cost of $3.69 per share, with a total value of $27,675.00. Following the completion of the acquisition, the director directly owned 97,441 shares in the company, valued at approximately $359,557.29. This represents a 8.34% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Myriad Genetics

Large investors have recently made changes to their positions in the business. Royce & Associates LP bought a new position in Myriad Genetics in the 3rd quarter valued at $4,844,000. Aberdeen Group plc increased its stake in shares of Myriad Genetics by 38.6% in the 4th quarter. Aberdeen Group plc now owns 885,801 shares of the company’s stock valued at $5,448,000 after buying an additional 246,748 shares during the period. Vanguard Group Inc. raised its position in shares of Myriad Genetics by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 8,225,371 shares of the company’s stock worth $50,586,000 after acquiring an additional 342,856 shares during the last quarter. UBS Group AG raised its position in shares of Myriad Genetics by 29.8% during the fourth quarter. UBS Group AG now owns 639,691 shares of the company’s stock worth $3,934,000 after acquiring an additional 147,045 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new position in shares of Myriad Genetics during the fourth quarter valued at $1,155,000. Institutional investors own 99.02% of the company’s stock.

About Myriad Genetics

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.