Point72 Asset Management L.P. Grows Stock Holdings in Myriad Genetics, Inc. (NASDAQ:MYGN)

Point72 Asset Management L.P. increased its holdings in Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 7.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 839,456 shares of the company's stock after purchasing an additional 61,260 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.93% of Myriad Genetics worth $20,533,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Hexagon Capital Partners LLC raised its holdings in Myriad Genetics by 75.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company's stock worth $28,000 after purchasing an additional 491 shares in the last quarter. Ameritas Investment Partners Inc. increased its position in shares of Myriad Genetics by 9.0% during the first quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company's stock valued at $186,000 after buying an additional 720 shares during the period. Arizona State Retirement System raised its stake in Myriad Genetics by 3.4% in the second quarter. Arizona State Retirement System now owns 25,160 shares of the company's stock worth $615,000 after buying an additional 829 shares in the last quarter. Federated Hermes Inc. lifted its holdings in Myriad Genetics by 1.5% in the second quarter. Federated Hermes Inc. now owns 56,807 shares of the company's stock worth $1,389,000 after buying an additional 846 shares during the period. Finally, Texas Permanent School Fund Corp boosted its position in Myriad Genetics by 1.2% during the 1st quarter. Texas Permanent School Fund Corp now owns 77,485 shares of the company's stock valued at $1,652,000 after acquiring an additional 889 shares in the last quarter. Hedge funds and other institutional investors own 99.02% of the company's stock.

Myriad Genetics Stock Up 0.9 %

MYGN stock traded up $0.23 during midday trading on Friday, hitting $26.46. The company's stock had a trading volume of 531,576 shares, compared to its average volume of 721,858. The company has a market cap of $2.39 billion, a PE ratio of -9.39 and a beta of 1.92. The firm's 50-day moving average is $27.45 and its 200-day moving average is $24.22. Myriad Genetics, Inc. has a 12 month low of $13.82 and a 12 month high of $29.30. The company has a current ratio of 1.96, a quick ratio of 1.78 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.06. The company had revenue of $211.50 million for the quarter, compared to analysts' expectations of $206.44 million. Myriad Genetics had a negative return on equity of 5.64% and a negative net margin of 19.35%. Myriad Genetics's revenue was up 15.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.21) earnings per share. On average, equities research analysts forecast that Myriad Genetics, Inc. will post -0.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Morgan Stanley began coverage on Myriad Genetics in a research note on Thursday, September 19th. They issued an "equal weight" rating and a $32.00 target price for the company. TD Cowen raised 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. Piper Sandler upped their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 13th. Wells Fargo & Company began coverage on shares of Myriad Genetics in a research note on Tuesday, August 27th. They issued an "overweight" rating and a $35.00 price target for the company. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Myriad Genetics from $17.00 to $20.00 and gave the stock an "underweight" rating in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $28.91.

Insider Activity

In other news, Director Heinrich Dreismann sold 10,000 shares of the firm's 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 transaction, 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 SEC, which is accessible through this link. In other news, Director Heinrich Dreismann sold 10,000 shares of the company's stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $27.05, for a total transaction of $270,500.00. Following the completion of the sale, the director now owns 121,648 shares of the company's stock, valued at approximately $3,290,578.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Colleen F. Reitan sold 46,012 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now owns 42,533 shares in the company, valued at approximately $1,188,797.35. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.

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.