Principal Financial Group Inc. Reduces Stock Holdings in Myriad Genetics, Inc. (NASDAQ:MYGN)

Principal Financial Group Inc. decreased its holdings in shares of Myriad Genetics, Inc. (NASDAQ:MYGN) by 4.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 428,023 shares of the company’s stock after selling 21,583 shares during the quarter. Principal Financial Group Inc.’s holdings in Myriad Genetics were worth $11,724,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in Myriad Genetics by 4.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 719,291 shares of the company’s stock worth $17,594,000 after buying an additional 28,115 shares during the period. Natixis Advisors LLC increased its position in shares of Myriad Genetics by 15.5% during the second quarter. Natixis Advisors LLC now owns 275,367 shares of the company’s stock worth $6,735,000 after acquiring an additional 37,002 shares during the period. Rhumbline Advisers raised its stake in shares of Myriad Genetics by 2.4% in the second quarter. Rhumbline Advisers now owns 283,435 shares of the company’s stock valued at $6,933,000 after acquiring an additional 6,761 shares in the last quarter. Arizona State Retirement System boosted its holdings in Myriad Genetics by 3.4% in the second quarter. Arizona State Retirement System now owns 25,160 shares of the company’s stock valued at $615,000 after purchasing an additional 829 shares during the period. Finally, Quest Partners LLC grew its stake in Myriad Genetics by 10,724.5% during the 2nd quarter. Quest Partners LLC now owns 5,304 shares of the company’s stock worth $130,000 after purchasing an additional 5,255 shares in the last quarter. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MYGN. UBS Group assumed coverage on Myriad Genetics in a research report on Tuesday, December 10th. They issued a “neutral” rating and a $18.00 price target on the stock. Leerink Partners cut shares of Myriad Genetics from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $30.00 to $21.00 in a report on Monday, December 9th. Bank of America decreased their price target on shares of Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating for the company in a research note on Friday, December 13th. Morgan Stanley dropped their price objective on shares of Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Monday, November 18th. Finally, Piper Sandler decreased their price objective on shares of Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating for the company in a research report on Monday, November 11th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $24.27.

Insider Buying and Selling

In related news, CEO Paul J. Diaz sold 15,000 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $22.93, for a total transaction of $343,950.00. Following the completion of the sale, the chief executive officer now directly owns 962,378 shares of the company’s stock, valued at $22,067,327.54. This trade represents a 1.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.10% of the stock is currently owned by company insiders.

Myriad Genetics Price Performance

Shares of MYGN opened at $13.42 on Monday. The firm has a fifty day moving average price of $16.67 and a 200 day moving average price of $22.95. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. Myriad Genetics, Inc. has a 1-year low of $12.87 and a 1-year high of $29.30. The stock has a market cap of $1.22 billion, a PE ratio of -10.32 and a beta of 1.87.

About Myriad Genetics

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.