Myriad Genetics Stock Craters As Competition Surprises Wall Street

Myriad Genetics, Inc. (NASDAQ:MYGN) was downgraded by research analysts at Gabelli from a “buy” rating to a “hold” rating in a research report issued.

Shares of Myriad were advancing 5.12% to $20.71 in mid-afternoon trading on Thursday.

Myriad has built up its hereditary cancer franchise over the past three years despite competitive pressures, but its fourth-quarter results suggest pricing and share losses are likely to be the new normal as the market favors lower-cost alternatives, Jefferies said. Avondale Partners cut their price objective on Myriad Genetics from $50.00 to $47.00 and set a “market outperform” rating for the company in a report on Wednesday, May 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. If the $18.32 price target is reached, the company will be worth $95.20M less. Myriad Genetics, Inc. (NASDAQ:MYGN) has a Return on Assets (ROA) of 13.1%. The 9 months technical chart setup indicates high risk for the $1.36 billion company.

Marchex, Inc. (NASDAQ:MCHX) shares moved to $2.79 after starting the day at $2.88 on Wednesday. The company forecasts 1Q EPS to be in the $0.25-0.27 range, which is much lower than consensus estimate of $0.43; it guided to revenue falling between $168 million and 170 million, below the Street’s $191.98 million estimate. The company had revenue of $744.40 million for the quarter, compared to analysts’ expectations of $746.05 million. First quarter EPS is expected to be between $0.25 and $0.27. The firm’s quarterly revenue was down 1.8% on a year-over-year basis.

Analysts have a consensus target price of $37.40 in the 12-month period.

Several large investors have modified their holdings of MYGN.

BMC Stock Holdings Inc (NASDAQ:BMCH) announced the commencement of a public offering of 2,400,000 shares of its common stock by certain stockholders, including affiliates of The Gores Group, LLC and affiliates of Davidson Kempner Capital Management LP pursuant to a prospectus supplement filed with the Securities and Exchange Commission (the “SEC”). Earlier the firm had a rating of “Buy ” on the company shares. Adams Diversified Equity Fund Inc. bought a new position in Myriad Genetics during the second quarter valued at about $187,000. They now own 84.42 million shares or 4.75% less from 88.62 million shares in 2015Q4.

The shares fell 34 percent to $19.39 at 12:37 p.m.in NY, the biggest decline since March 2000 and lowest level since December 2011. The stock was sold at an average price of $30.87, for a total value of $575,324.19.