Myriad Genetics (NASDAQ:MYGN) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Myriad Genetics, Inc. (NASDAQ:MYGN) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $5.00 and traded as high as $6.36. Myriad Genetics shares last traded at $6.31, with a volume of 1,100,418 shares.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. TD Cowen lowered their target price on Myriad Genetics from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, May 6th. Weiss Ratings raised Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday. Finally, Wells Fargo & Company reduced their price objective on Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.50.

Myriad Genetics Trading Up 4.5%

The company has a quick ratio of 2.19, a current ratio of 2.40 and a debt-to-equity ratio of 0.36. The company’s 50-day moving average is $4.72 and its 200-day moving average is $5.00. The stock has a market capitalization of $595.98 million, a price-to-earnings ratio of -1.47 and a beta of 1.64.

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

Insider Activity at Myriad Genetics

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

Hedge Funds Weigh In On Myriad Genetics

A number of hedge funds have recently modified their holdings of MYGN. Baird Financial Group Inc. purchased a new stake in Myriad Genetics in the 1st quarter valued at about $105,000. Royal Bank of Canada raised its stake in shares of Myriad Genetics by 82.4% in the 1st quarter. Royal Bank of Canada now owns 33,326 shares of the company’s stock valued at $296,000 after acquiring an additional 15,057 shares during the period. AQR Capital Management LLC raised its stake in shares of Myriad Genetics by 278.9% in the 1st quarter. AQR Capital Management LLC now owns 433,392 shares of the company’s stock valued at $3,844,000 after acquiring an additional 319,007 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Myriad Genetics by 4.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 299,256 shares of the company’s stock worth $2,654,000 after acquiring an additional 14,027 shares during the last quarter. Finally, Jane Street Group LLC lifted its holdings in shares of Myriad Genetics by 1,076.9% in the 1st quarter. Jane Street Group LLC now owns 213,826 shares of the company’s stock worth $1,897,000 after acquiring an additional 195,658 shares during the last quarter. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

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.