Essex Investment Management Co. LLC Trims Holdings in Myriad Genetics, Inc. (NASDAQ:MYGN)

Essex Investment Management Co. LLC reduced its holdings in shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 50.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 116,709 shares of the company's stock after selling 119,132 shares during the quarter. Essex Investment Management Co. LLC owned approximately 0.13% of Myriad Genetics worth $1,600,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of MYGN. State Street Corp boosted its stake in Myriad Genetics by 8.3% in the third quarter. State Street Corp now owns 4,703,442 shares of the company's stock valued at $128,827,000 after acquiring an additional 359,685 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its stake in Myriad Genetics by 21.1% in the third quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company's stock valued at $69,226,000 after purchasing an additional 440,107 shares during the last quarter. Loomis Sayles & Co. L P grew its holdings in Myriad Genetics by 153.7% during the third quarter. Loomis Sayles & Co. L P now owns 2,189,601 shares of the company's stock valued at $59,973,000 after purchasing an additional 1,326,497 shares during the period. Geode Capital Management LLC grew its holdings in Myriad Genetics by 1.0% during the third quarter. Geode Capital Management LLC now owns 2,154,035 shares of the company's stock valued at $59,010,000 after purchasing an additional 21,220 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Myriad Genetics by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,125,535 shares of the company's stock worth $15,431,000 after buying an additional 42,233 shares during the last quarter. Hedge funds and other institutional investors own 99.02% of the company's stock.

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Myriad Genetics Price Performance

Shares of MYGN stock traded down $0.71 during trading on Thursday, hitting $9.70. The company had a trading volume of 885,990 shares, compared to its average volume of 1,167,352. The stock's 50-day moving average is $12.74 and its two-hundred day moving average is $17.99. The stock has a market capitalization of $885.70 million, a price-to-earnings ratio of -7.46 and a beta of 1.79. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05. Myriad Genetics, Inc. has a 52 week low of $9.36 and a 52 week high of $29.30.

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

Wall Street Analysts Forecast Growth

MYGN has been the subject of a number of research reports. Bank of America cut their target price on shares of Myriad Genetics from $13.00 to $11.00 and set an "underperform" rating for the company in a research report on Monday, March 3rd. Raymond James reaffirmed an "outperform" rating and issued a $19.00 price objective (down from $27.00) on shares of Myriad Genetics in a report on Tuesday, February 25th. 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 report on Tuesday, February 25th. Craig Hallum assumed coverage on Myriad Genetics in a report on Wednesday, February 12th. They issued a "buy" rating and a $29.00 price target for the company. Finally, Morgan Stanley decreased their price objective on Myriad Genetics from $32.00 to $21.00 and set an "equal weight" rating on the stock in a research note on Monday, November 18th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $21.89.

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.