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Today's Water-Logged And Getting Wetter Stock: Myriad Genetics (MYGN)

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Trade-Ideas LLC identified Myriad Genetics ( MYGN) as a "water-logged and getting wetter" (weak stocks crossing below support with today's range greater than 200%) candidate. In addition to specific proprietary factors, Trade-Ideas identified Myriad Genetics as such a stock due to the following factors:

  • MYGN has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $51.7 million.
  • MYGN has traded 353,734 shares today.
  • MYGN traded in a range 215.7% of the normal price range with a price range of $2.21.
  • MYGN traded below its daily resistance level (quality: 12 days, meaning that the stock is crossing a resistance level set by the last 12 calendar days. The resistance price is defined by the Price - $0.01 at the time of the signal).

Stocks matching the 'Water-Logged and Getting Wetter' criteria are worthwhile stocks to watch for a variety of factors including historical back testing and volatility. Trade-Ideas targets these opportunities because the stock is exhibiting an unusual behavior while displaying negative price action. In this case, the stock crossed an important inflection point; namely, "support" while at the same time the range of the stock's movement in price is twice its normal size. This large range foreshadows a possible continuation as the stock moves lower.

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More details on MYGN:

Myriad Genetics, Inc., a molecular diagnostic company, focuses on the development and marketing of predictive medicine, personalized medicine, and prognostic medicine tests primarily in the United States. MYGN has a PE ratio of 14.7. Currently there are 5 analysts that rate Myriad Genetics a buy, 2 analysts rate it a sell, and 7 rate it a hold.

The average volume for Myriad Genetics has been 2.4 million shares per day over the past 30 days. Myriad has a market cap of $2.3 billion and is part of the services sector and diversified services industry. The stock has a beta of 0.99 and a short float of 40% with 16.67 days to cover. Shares are up 9.2% year to date as of the close of trading on Friday.

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TheStreetRatings.com Analysis:

TheStreet Quant Ratings rates Myriad Genetics as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, attractive valuation levels and impressive record of earnings per share growth. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.

Highlights from the ratings report include:

  • MYGN's very impressive revenue growth greatly exceeded the industry average of 11.4%. Since the same quarter one year prior, revenues leaped by 51.7%. Growth in the company's revenue appears to have helped boost the earnings per share.
  • MYGN has no debt to speak of therefore resulting in a debt-to-equity ratio of zero, which we consider to be a relatively favorable sign. Along with this, the company maintains a quick ratio of 5.63, which clearly demonstrates the ability to cover short-term cash needs.
  • Current return on equity exceeded its ROE from the same quarter one year prior. This is a clear sign of strength within the company. When compared to other companies in the Biotechnology industry and the overall market, MYRIAD GENETICS INC's return on equity exceeds that of the industry average and significantly exceeds that of the S&P 500.
  • MYRIAD GENETICS INC reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, MYRIAD GENETICS INC increased its bottom line by earning $1.77 versus $1.30 in the prior year. This year, the market expects an improvement in earnings ($2.00 versus $1.77).

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