The stock of Myriad Genetics, Inc. (NASDAQ:MYGN) hit a new 52-week low and has $16.98 target or 7.00% below today’s $18.26 share price. The 6 months bearish chart indicates high risk for the $1.26B company. The 1-year low was reported on Oct, 13 by Barchart.com. If the $16.98 price target is reached, the company will be worth $88.20M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 485,834 shares traded hands. Myriad Genetics, Inc. (NASDAQ:MYGN) has declined 48.61% since March 10, 2016 and is downtrending. It has underperformed by 56.13% the S&P500.
Analysts await Myriad Genetics, Inc. (NASDAQ:MYGN) to report earnings on November, 1. They expect $0.26 earnings per share, down 36.59% or $0.15 from last year’s $0.41 per share. MYGN’s profit will be $17.95 million for 17.55 P/E if the $0.26 EPS becomes a reality. After $0.36 actual earnings per share reported by Myriad Genetics, Inc. for the previous quarter, Wall Street now forecasts -27.78% negative EPS growth.
Myriad Genetics, Inc. (NASDAQ:MYGN) Ratings Coverage
Out of 17 analysts covering Myriad Genetics (NASDAQ:MYGN), 5 rate it a “Buy”, 4 “Sell”, while 8 “Hold”. This means 29% are positive. $52 is the highest target while $18 is the lowest. The $37 average target is 102.63% above today’s ($18.26) stock price. Myriad Genetics has been the topic of 29 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock of Myriad Genetics, Inc. (NASDAQ:MYGN) earned “Sell” rating by Ladenburg Thalmann on Monday, October 10. Piper Jaffray maintained Myriad Genetics, Inc. (NASDAQ:MYGN) rating on Tuesday, September 15. Piper Jaffray has “Overweight” rating and $45 price target. Jefferies maintained the stock with “Hold” rating in Thursday, August 11 report. The firm has “Underperform” rating given on Friday, July 29 by Bank of America. The firm earned “Equal-Weight” rating on Wednesday, August 10 by Barclays Capital. As per Wednesday, May 4, the company rating was maintained by Avondale. Wells Fargo downgraded Myriad Genetics, Inc. (NASDAQ:MYGN) on Wednesday, August 10 to “Market Perform” rating. The firm earned “Neutral” rating on Wednesday, August 10 by PiperJaffray. The stock of Myriad Genetics, Inc. (NASDAQ:MYGN) earned “Buy” rating by Gabelli on Tuesday, July 21. As per Tuesday, December 8, the company rating was upgraded by Goldman Sachs.
According to Zacks Investment Research, “Myriad Genetics, Inc. uses gene-based medicine to develop therapeutic and molecular diagnostic products. They employ a variety of proprietary proteomic technologies to discover disease genes and to understand the role these genes and their related proteins play in the onset and progression of disease. They have integrated these technologies using bioinformatics and robotics systems to conduct their research efforts on a high-throughput basis. This has enabled them to identify numerous proteins as targets for new drugs and molecular diagnostic tests.”
Insitutional Activity: The institutional sentiment decreased to 1.24 in 2016 Q2. Its down 0.09, from 1.33 in 2016Q1. The ratio dropped, as 22 funds sold all Myriad Genetics, Inc. shares owned while 77 reduced positions. 43 funds bought stakes while 80 increased positions. They now own 77.80 million shares or 7.83% less from 84.42 million shares in 2016Q1.
Mitsubishi Ufj And Bk owns 481,449 shares or 0.03% of their US portfolio. Gam Holding Ag has 15,000 shares for 0.01% of their US portfolio. Gradient Invests Ltd Company last reported 0% of its portfolio in the stock. Barclays Public Ltd Co, a United Kingdom-based fund reported 14,823 shares. Quantbot L P accumulated 14,770 shares or 0.05% of the stock. Moreover, Global X Management Co Ltd Llc has 0% invested in Myriad Genetics, Inc. (NASDAQ:MYGN) for 116 shares. Moreover, Allianz Asset Ag has 0% invested in Myriad Genetics, Inc. (NASDAQ:MYGN) for 15,767 shares. Voya Investment Mngmt has 0% invested in the company for 29,890 shares. Moreover, Ghp Inv has 0.14% invested in Myriad Genetics, Inc. (NASDAQ:MYGN) for 20,874 shares. First Mercantile Trust has 0.06% invested in the company for 15,294 shares. California Public Employees Retirement Systems reported 282,400 shares or 0.01% of all its holdings. Teachers holds 110,586 shares or 0.01% of its portfolio. Parametric Assoc Limited Liability Corp has invested 0.01% of its portfolio in Myriad Genetics, Inc. (NASDAQ:MYGN). Wasatch accumulated 0.01% or 21,100 shares. Gamco Et Al reported 25,000 shares or 0.01% of all its holdings.
Insider Transactions: Since August 12, 2016, the stock had 2 insider buys, and 1 insider sale for $380,926 net activity. $21,490 worth of shares were bought by McDade Ralph L on Friday, August 12. Shares for $614,816 were sold by HENDERSON JOHN T. $212,400 worth of Myriad Genetics, Inc. (NASDAQ:MYGN) was bought by Capone Mark Christopher on Friday, August 19.
More news for Myriad Genetics, Inc. (NASDAQ:MYGN) were recently published by: Fool.com, which released: “Why Myriad Genetics, Inc. Got Crushed Today” on October 10, 2016. Fool.com‘s article titled: “Why Bristol-Myers Squibb, Myriad Genetics, and Twilio Slumped Today” and published on October 10, 2016 is yet another important article.
MYGN Company Profile
Myriad Genetics, Inc. (Myriad), incorporated on November 6, 1992, is a molecular diagnostic company. The Firm is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. The Firm operates through two divisions: diagnostics and other. The diagnostics segment provides testing and collaborative development of testing that is designed to assess an individual’s risk for developing disease later in life, identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing to enable optimal treatment, or assess a patient’s risk of disease progression and disease recurrence. The other segment provides testing services and products to the pharmaceutical, biotechnology and medical research industries, research and development, and clinical services for patients, and also includes corporate services, such as finance, human resources, legal and information technology.
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