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

Point72 Asset Management L.P. boosted its holdings in Myriad Genetics, Inc. (NASDAQ:MYGN) by 7.9% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 839,456 shares of the company’s stock after buying an additional 61,260 shares during the period. Point72 Asset Management L.P.’s holdings in Myriad Genetics were worth $20,533,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Pura Vida Investments LLC bought a new position in shares of Myriad Genetics during the fourth quarter valued at $957,000. Sei Investments Co. raised its position in Myriad Genetics by 41.9% in the 4th quarter. Sei Investments Co. now owns 2,161,434 shares of the company’s stock worth $41,370,000 after buying an additional 638,147 shares during the last quarter. Glenview Capital Management LLC lifted its stake in Myriad Genetics by 39.6% during the 4th quarter. Glenview Capital Management LLC now owns 5,283,982 shares of the company’s stock valued at $101,135,000 after acquiring an additional 1,500,000 shares during the period. Virtu Financial LLC purchased a new stake in shares of Myriad Genetics during the 4th quarter valued at about $428,000. Finally, Wellington Management Group LLP boosted its holdings in shares of Myriad Genetics by 20.4% during the 4th quarter. Wellington Management Group LLP now owns 7,219,706 shares of the company’s stock valued at $138,185,000 after acquiring an additional 1,223,446 shares during the last quarter. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

Myriad Genetics Stock Performance

NASDAQ:MYGN opened at $26.23 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.78 and a current ratio of 1.96. The stock has a 50-day simple moving average of $27.45 and a two-hundred day simple moving average of $24.22. The firm has a market capitalization of $2.37 billion, a PE ratio of -9.30 and a beta of 1.92. Myriad Genetics, Inc. has a 52-week low of $13.82 and a 52-week high of $29.30.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.05 earnings per share (EPS) 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 company had revenue of $211.50 million during the quarter, compared to the consensus estimate of $206.44 million. During the same period in the previous year, the company posted ($0.21) EPS. The firm’s revenue was up 15.3% on a year-over-year basis. Analysts forecast that Myriad Genetics, Inc. will post -0.35 EPS for the current year.

Insider Transactions at Myriad Genetics

In related news, Director Heinrich Dreismann sold 10,000 shares of Myriad Genetics stock in a transaction on Monday, September 9th. The shares were 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 in the company, valued at approximately $3,290,578.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Myriad Genetics news, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the completion of the sale, the director now owns 121,648 shares in the company, valued at approximately $3,290,578.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Colleen F. Reitan sold 46,012 shares of the business’s 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 in the company, valued at $1,188,797.35. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

MYGN has been the subject of several research reports. Jefferies Financial Group reissued an “underperform” rating and set a $20.00 price objective (down from $25.00) on shares of Myriad Genetics in a report on Monday, June 3rd. Morgan Stanley assumed coverage on shares of Myriad Genetics in a research note on Thursday, September 19th. They set an “equal weight” rating and a $32.00 target price for the company. Scotiabank raised their price target 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. TD Cowen upped their price objective on Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company initiated coverage on Myriad Genetics in a research report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus 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.