Public Sector Pension Investment Board Acquires 17,661 Shares of Myriad Genetics, Inc. (NASDAQ:MYGN)

Public Sector Pension Investment Board boosted its stake in shares of Myriad Genetics, Inc. (NASDAQ:MYGN) by 9.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 199,139 shares of the company’s stock after acquiring an additional 17,661 shares during the quarter. Public Sector Pension Investment Board owned about 0.22% of Myriad Genetics worth $4,871,000 as of its most recent SEC filing.

Other hedge funds and 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 4th quarter valued at approximately $957,000. Sei Investments Co. raised its stake 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 acquiring an additional 638,147 shares during the period. Glenview Capital Management LLC lifted its holdings in shares of Myriad Genetics by 39.6% in the 4th quarter. Glenview Capital Management LLC now owns 5,283,982 shares of the company’s stock worth $101,135,000 after acquiring an additional 1,500,000 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Myriad Genetics during the 4th quarter worth about $428,000. Finally, Wellington Management Group LLP grew its holdings in 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 purchasing 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.

Insiders Place Their Bets

In other news, Director Heinrich Dreismann sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were 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 in the company, valued at approximately $3,290,578.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Colleen F. Reitan sold 46,012 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the transaction, the director now directly owns 42,533 shares of the company’s stock, valued at $1,188,797.35. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction 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 sale, 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. 2.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MYGN shares. Jefferies Financial Group restated an “underperform” rating and set a $20.00 target price (down previously from $25.00) on shares of Myriad Genetics in a research report on Monday, June 3rd. Morgan Stanley began coverage on Myriad Genetics in a research report on Thursday, September 19th. They issued an “equal weight” rating and a $32.00 price objective on the stock. Wells Fargo & Company initiated coverage on Myriad Genetics in a research report on Tuesday, August 27th. They set an “overweight” rating and a $35.00 target price for the company. Scotiabank upped their price target on shares of Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 13th. Finally, Piper Sandler raised their price target on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Two equities 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. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $28.91.

Myriad Genetics Price Performance

NASDAQ MYGN opened at $26.23 on Friday. The company has a market cap of $2.37 billion, a PE ratio of -9.30 and a beta of 1.92. The firm’s 50 day moving average price is $27.45 and its 200-day moving average price is $24.22. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.78 and a current ratio of 1.96. 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 results 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. The business had revenue of $211.50 million for the quarter, compared to the consensus estimate of $206.44 million. Myriad Genetics had a negative return on equity of 5.64% and a negative net margin of 19.35%. The business’s revenue was up 15.3% compared to the same quarter last year. During the same period last year, the business posted ($0.21) EPS. Sell-side analysts forecast that Myriad Genetics, Inc. will post -0.35 EPS for the current fiscal year.

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.