Today’s Price Action: Myriad Genetics, Inc. Sets 52-Week Low; Strong Momentum for Sellers

Today's Price Action: Myriad Genetics, Inc. Sets 52 Week Low; Strong Momentum for Sellers

The stock of Myriad Genetics, Inc. (NASDAQ:MYGN) hit a new 52-week low and has $15.49 target or 6.00% below today’s $16.48 share price. The 5 months bearish chart indicates high risk for the $942.82M company. The 1-year low was reported on Nov, 3 by Barchart.com. If the $15.49 price target is reached, the company will be worth $56.57 million 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. It is down 57.11% since April 1, 2016 and is downtrending. It has underperformed by 58.33% the S&P500.

Myriad Genetics, Inc. (NASDAQ:MYGN) Ratings Coverage

Out of 17 analysts covering Myriad Genetics (NASDAQ:MYGN), 4 rate it a “Buy”, 4 “Sell”, while 9 “Hold”. This means 24% are positive. Myriad Genetics has been the topic of 30 analyst reports since July 21, 2015 according to StockzIntelligence Inc. On Wednesday, August 10 the stock rating was downgraded by Gabelli to “Hold”. The stock of Myriad Genetics, Inc. (NASDAQ:MYGN) earned “Sell” rating by UBS on Wednesday, August 10. The firm has “Equal-Weight” rating by Stephens given on Wednesday, November 2. The firm earned “Buy” rating on Tuesday, July 21 by Gabelli. The firm has “Equal-Weight” rating by Barclays Capital given on Wednesday, August 10. The stock of Myriad Genetics, Inc. (NASDAQ:MYGN) has “Market Perform” rating given on Wednesday, May 4 by Leerink Swann. The company was maintained on Tuesday, September 15 by Mizuho. The company was upgraded on Tuesday, August 25 by Wells Fargo. Mizuho maintained the stock with “Neutral” rating in Wednesday, November 4 report. As per Wednesday, May 4, the company rating was maintained by Avondale.

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 is negative, 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.
Gabelli Funds holds 160,000 shares or 0.03% of its portfolio. Millennium Mgmt Llc accumulated 0.06% or 802,049 shares. Allianz Asset Management Ag has 15,767 shares for 0% of their US portfolio. Bnp Paribas Arbitrage has 19,992 shares for 0% of their US portfolio. Citadel Ltd Liability Co, a Illinois-based fund reported 131,959 shares. Credit Suisse Ag has 375,868 shares for 0.01% of their US portfolio. Canada Pension Plan Investment Board last reported 0.04% of its portfolio in the stock. State Street last reported 0.01% of its portfolio in the stock. Paradigm Asset Mgmt Commerce Ltd Liability Company holds 0% of its portfolio in Myriad Genetics, Inc. (NASDAQ:MYGN) for 450 shares. Kcg Holdg has 31,893 shares for 0.02% of their US portfolio. Moreover, Alliancebernstein Ltd Partnership has 0% invested in Myriad Genetics, Inc. (NASDAQ:MYGN) for 139,924 shares. Iridian Asset Llc Ct has 3.22 million shares for 0.91% of their US portfolio. Amer Century has 0.01% invested in the company for 300,884 shares. Prudential last reported 0.01% of its portfolio in the stock. Ngam Advsrs Lp holds 0.04% of its portfolio in Myriad Genetics, Inc. (NASDAQ:MYGN) for 84,571 shares.

Insider Transactions: Since August 12, 2016, the stock had 2 insider purchases, and 1 sale for $380,926 net activity. 30,000 Myriad Genetics, Inc. (NASDAQ:MYGN) shares with value of $614,816 were sold by HENDERSON JOHN T. 10,000 shares were bought by Capone Mark Christopher, worth $212,400. 1,000 Myriad Genetics, Inc. (NASDAQ:MYGN) shares with value of $21,490 were bought by McDade Ralph L.

More notable recent Myriad Genetics, Inc. (NASDAQ:MYGN) news were published by: Fool.com which released: “Why Myriad Genetics, Inc. Got Knocked Down Today” on November 02, 2016, also Fool.com with their article: “Why Myriad Genetics, Inc. Got Crushed Today” published on October 10, 2016, Globenewswire.com published: “Myriad Genetics Inc. Forms Relationship with ION Solutions to Deliver Quality …” on October 21, 2016. More interesting news about Myriad Genetics, Inc. (NASDAQ:MYGN) were released by: Nasdaq.com and their article: “Myriad Genetics is Now Oversold (MYGN)” published on November 02, 2016 as well as Rttnews.com‘s news article titled: “Myriad Genetics Inc. Profit Retreats 46% In Q1” with publication date: November 01, 2016.

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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