Myriad Genetics, Inc. (NASDAQ:MYGN) Stock Position Raised by Earnest Partners LLC

Earnest Partners LLC increased its stake in Myriad Genetics, Inc. (NASDAQ:MYGN) by 3.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,072,018 shares of the company’s stock after acquiring an additional 138,960 shares during the quarter. Earnest Partners LLC owned approximately 4.50% of Myriad Genetics worth $99,602,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Hexagon Capital Partners LLC increased its stake in Myriad Genetics by 75.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock worth $28,000 after purchasing an additional 491 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of Myriad Genetics in the second quarter worth approximately $36,000. Point72 DIFC Ltd acquired a new stake in shares of Myriad Genetics during the second quarter valued at approximately $60,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Myriad Genetics in the 2nd quarter valued at approximately $82,000. Finally, Neo Ivy Capital Management purchased a new stake in shares of Myriad Genetics in the 2nd quarter valued at approximately $85,000. 99.02% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Heinrich Dreismann sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the sale, the director now directly owns 121,648 shares of the company’s stock, valued at $3,290,578.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Colleen F. Reitan sold 46,012 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total value of $1,286,035.40. Following the completion of the transaction, the director now owns 42,533 shares of the company’s stock, valued at $1,188,797.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Heinrich Dreismann sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction of $270,500.00. Following the transaction, the director now owns 121,648 shares of the company’s stock, valued at approximately $3,290,578.40. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

Myriad Genetics Price Performance

NASDAQ MYGN opened at $26.09 on Thursday. Myriad Genetics, Inc. has a fifty-two week low of $13.82 and a fifty-two week high of $29.30. The stock’s 50-day moving average is $27.46 and its two-hundred day moving average is $24.20. The firm has a market cap of $2.36 billion, a P/E ratio of -9.25 and a beta of 1.92. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.96 and a quick ratio of 1.78.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.06. Myriad Genetics had a negative return on equity of 5.64% and a negative net margin of 19.35%. The business had revenue of $211.50 million for the quarter, compared to the consensus estimate of $206.44 million. During the same period last year, the business earned ($0.21) EPS. The firm’s revenue was up 15.3% compared to the same quarter last year. On average, analysts anticipate that Myriad Genetics, Inc. will post -0.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on MYGN shares. TD Cowen boosted their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Piper Sandler upped their price target on Myriad Genetics from $28.00 to $30.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. Scotiabank increased their price objective on Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, August 13th. Wells Fargo & Company began coverage on Myriad Genetics in a research note on Tuesday, August 27th. They set an “overweight” rating and a $35.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their price target on shares of Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Myriad Genetics presently has an average rating of “Hold” and an average price target of $28.91.

Myriad Genetics Company Profile

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.