Point72 Asset Management L.P. Purchases 61,260 Shares of Myriad Genetics, Inc. (NASDAQ:MYGN)

Point72 Asset Management L.P. grew its position in Myriad Genetics, Inc. (NASDAQ:MYGN) by 7.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 839,456 shares of the company’s stock after purchasing an additional 61,260 shares during the period. Point72 Asset Management L.P.’s holdings in Myriad Genetics were worth $20,533,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of MYGN. Glenview Capital Management LLC lifted its holdings in shares of Myriad Genetics by 39.6% in the fourth quarter. Glenview Capital Management LLC now owns 5,283,982 shares of the company’s stock valued at $101,135,000 after purchasing an additional 1,500,000 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Myriad Genetics by 20.4% in the fourth quarter. Wellington Management Group LLP now owns 7,219,706 shares of the company’s stock valued at $138,185,000 after purchasing an additional 1,223,446 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Myriad Genetics by 8.6% in the fourth quarter. Vanguard Group Inc. now owns 9,954,233 shares of the company’s stock valued at $190,524,000 after purchasing an additional 789,496 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Myriad Genetics by 41.9% in the fourth quarter. Sei Investments Co. now owns 2,161,434 shares of the company’s stock valued at $41,370,000 after purchasing an additional 638,147 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Myriad Genetics by 80.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 334,717 shares of the company’s stock worth $7,620,000 after acquiring an additional 149,234 shares in the last quarter. 99.02% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MYGN has been the topic of several analyst reports. JPMorgan Chase & Co. upped their target price on Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Wednesday, August 7th. Morgan Stanley initiated coverage on Myriad Genetics in a report on Thursday, September 19th. They set an “equal weight” rating and a $32.00 target price on the stock. Piper Sandler upped their target price on Myriad Genetics from $28.00 to $30.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Jefferies Financial Group reiterated an “underperform” rating and set a $20.00 target price (down previously from $25.00) on shares of Myriad Genetics in a report on Monday, June 3rd. Finally, Scotiabank upped their target price on Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Myriad Genetics has a consensus rating of “Hold” and an average target price of $28.91.

Insider Activity

In other news, Director Colleen F. Reitan sold 46,012 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total value of $1,286,035.40. Following 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 available through the SEC website. In other news, Director Colleen F. Reitan sold 46,012 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total value of $1,286,035.40. Following 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 available through the SEC website. Also, Director Heinrich Dreismann sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $27.05, for a total value of $270,500.00. Following the completion of the transaction, the director now directly owns 121,648 shares in the company, valued at approximately $3,290,578.40. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

Myriad Genetics Price Performance

Shares of NASDAQ MYGN opened at $26.46 on Monday. Myriad Genetics, Inc. has a twelve month low of $13.82 and a twelve month high of $29.30. The business’s 50 day moving average price is $27.46 and its two-hundred day moving average price is $24.28. The company has a quick ratio of 1.78, a current ratio of 1.96 and a debt-to-equity ratio of 0.05. The company has a market cap of $2.39 billion, a PE ratio of -9.38 and a beta of 1.92.

Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Tuesday, August 6th. The company reported $0.05 EPS for the quarter, beating the consensus estimate 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 company had revenue of $211.50 million for the quarter, compared to the consensus estimate of $206.44 million. During the same quarter in the prior year, the business earned ($0.21) earnings per share. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. On average, analysts predict that Myriad Genetics, Inc. will post -0.35 EPS for the current year.

Myriad Genetics 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.