Myriad Genetics, Inc., a leader in genetic testing and precision medicine, recently saw increased interest from several institutional investors. Blue Trust Inc. notably raised its stake by 14.1%, purchasing 1,788 additional shares, bringing its total holdings to 14,451 shares valued at $198,000.
In the third quarter, several other investment firms also modified their positions in Myriad Genetics. Point72 Hong Kong Ltd. acquired a new position worth approximately $32,000. GAMMA Investing LLC increased its holdings by 34.1%, increasing its stake to 1,620 shares valued at $44,000. Mirae Asset Global Investments Co. Ltd. raised its position by 21.6%, owning 3,285 shares worth $87,000. Point72 Asia Singapore Pte. Ltd. lifted its stake significantly by 43.8%, now owning 4,833 shares worth $132,000. Finally, Meeder Asset Management Inc. boosted its position remarkably by 588.4%, holding 4,922 shares valued at $135,000. Collectively, institutional investors now hold 99.02% of the stock.
Myriad Genetics Stock Down 2.8%
On Wednesday, Myriad Genetics stock opened at $12.41, down 2.8% compared to the previous day. The company’s 50-day moving average stands at $13.95, and the 200-day moving average is at $20.72. Myriad Genetics has a quick ratio of 1.73 and a current ratio of 1.90, indicating sound liquidity. Its debt-to-equity ratio is a low 0.05, suggesting a sturdy financial profile. With a market capitalization of $1.13 billion, Myriad Genetics has a price-to-earnings ratio of -9.55 and a beta of 1.88, signifying it’s volatile compared to the broader market.
The stock’s trading range over the past 52 weeks has been between $12.04 and $29.30. On Thursday, November 7th, Myriad Genetics reported quarterly earnings. The company reported a loss of $0.06 per share, missing analyst estimates of $0.02 by $0.08. Revenue came in at $213.30 million, slightly above the expected $209.82 million. Myriad Genetics’ return on equity was -4.51%, and its net margin was -14.09%. In comparison, the same period last year saw a loss of $0.17 per share. Analysts anticipate a loss of $0.3 per share for the current year.
Analyst Ratings Changes
Several analysts have provided updated insights on Myriad Genetics. In their latest reports, Piper Sandler reduced their price objective on Myriad Genetics from $24.00 to $14.00 and set a “neutral” rating on the stock in a report on January 30th. Leerink Partnrs downgraded Myriad Genetics from a “strong-buy” rating to a “hold” rating on December 9th.
Morgan Stanley revised its price target on Myriad Genetics from $32.00 to $21.00, maintaining an “equal weight” rating on the company in a note on November 18th. Leerink Partners downgraded the stock from an “outperform” rating to a “market perform” rating, lowering its price target from $30.00 to $21.00 on December 9th. UBS Group initiated coverage on Myriad Genetics on December 10th, assigning a “neutral” rating and a price objective of $18.00. Currently, three analysts rate the stock as a sell, seven with a hold, and four with a buy. The stock has an average rating of “Hold” and an average target price of $22.00, based on MarketBeat data.
Myriad Genetics Profile
Myriad Genetics specializes in genetic testing and precision medicine, developing and providing molecular diagnostic tests in oncology, women’s health, and pharmacogenomics. The company’s offerings include the MyRisk Hereditary Cancer Test, which assesses the risk of hereditary cancers using DNA sequencing. It also provides the BRACAnalysis CDx Germline Companion Diagnostic Test, aiding in determining cancer therapy for patients with specific genetic variants.
Myriad Genetics offers the MyChoice CDx Companion Diagnostic Test, which determines homologous recombination deficiency status in ovarian cancer patients. These tests exemplify the company’s dedication to personalized healthcare and its role in advancing genomics.
Investments in Myriad Genetics reflect confidence in the company’s long-term prospects and the growing importance of genetic testing and precision medicine. As the medical field advances, Myriad Genetics continues to play a significant role in shaping the future of personalized healthcare.
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