Connor Clark & Lunn Investment Management Ltd. Increases Position in Myriad Genetics, Inc. (NASDAQ:MYGN)

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 377.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 549,456 shares of the company's stock after acquiring an additional 434,420 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.60% of Myriad Genetics worth $7,533,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Point72 Hong Kong Ltd acquired a new position in shares of Myriad Genetics during the third quarter worth about $32,000. KBC Group NV increased its stake in shares of Myriad Genetics by 132.8% during the fourth quarter. KBC Group NV now owns 5,845 shares of the company's stock worth $80,000 after acquiring an additional 3,334 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Myriad Genetics by 43.8% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,833 shares of the company's stock worth $132,000 after acquiring an additional 1,471 shares during the period. Meeder Asset Management Inc. increased its stake in shares of Myriad Genetics by 588.4% during the third quarter. Meeder Asset Management Inc. now owns 4,922 shares of the company's stock worth $135,000 after acquiring an additional 4,207 shares during the period. Finally, Quantbot Technologies LP acquired a new position in shares of Myriad Genetics during the third quarter worth about $153,000. 99.02% of the stock is currently owned by institutional investors and hedge funds.

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Myriad Genetics Price Performance

Shares of MYGN stock traded up $0.03 during trading hours on Wednesday, hitting $9.93. The company's stock had a trading volume of 682,397 shares, compared to its average volume of 1,133,811. The business has a fifty day moving average of $12.43 and a 200-day moving average of $17.41. The stock has a market cap of $906.70 million, a price-to-earnings ratio of -7.64 and a beta of 1.79. Myriad Genetics, Inc. has a twelve month low of $9.36 and a twelve month high of $29.30. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.12). The firm had revenue of $210.60 million for the quarter, compared to analysts' expectations of $210.35 million. Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. During the same period in the previous year, the company posted ($0.12) EPS. As a group, equities research analysts anticipate that Myriad Genetics, Inc. will post -0.3 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MYGN. Leerink Partnrs lowered shares of Myriad Genetics from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 9th. Leerink Partners lowered shares of Myriad Genetics from an "outperform" rating to a "market perform" rating and lowered their target price for the stock from $30.00 to $21.00 in a research report on Monday, December 9th. Bank of America lowered their target price on shares of Myriad Genetics from $13.00 to $11.00 and set an "underperform" rating on the stock in a research report on Monday, March 3rd. Piper Sandler upgraded shares of Myriad Genetics from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $11.50 to $12.50 in a research report on Wednesday, March 12th. Finally, UBS Group lowered their target price on shares of Myriad Genetics from $18.00 to $16.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 25th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $21.89.

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.