Point72 Asset Management L.P. Acquires 61,260 Shares of Myriad Genetics, Inc. (NASDAQ:MYGN)

Point72 Asset Management L.P. grew its stake in shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 7.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 0.93% of Myriad Genetics worth $20,533,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of MYGN. Glenview Capital Management LLC lifted its stake in shares of Myriad Genetics by 39.6% in the fourth 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 in the last quarter. UniSuper Management Pty Ltd acquired a new stake in Myriad Genetics during the first quarter valued at approximately $467,000. AMH Equity Ltd acquired a new stake in Myriad Genetics during the first quarter valued at approximately $2,345,000. Wellington Management Group LLP raised its stake in Myriad Genetics by 20.4% during the fourth quarter. Wellington Management Group LLP now owns 7,219,706 shares of the company's stock valued at $138,185,000 after buying an additional 1,223,446 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Myriad Genetics by 8.6% during the fourth quarter. Vanguard Group Inc. now owns 9,954,233 shares of the company's stock valued at $190,524,000 after buying an additional 789,496 shares in the last quarter. Institutional investors and hedge funds own 99.02% of the company's stock.

Myriad Genetics Price Performance

MYGN traded up $0.93 during trading on Monday, reaching $27.39. The stock had a trading volume of 666,223 shares, compared to its average volume of 721,736. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of -9.71 and a beta of 1.92. The company has a quick ratio of 1.78, a current ratio of 1.96 and a debt-to-equity ratio of 0.05. Myriad Genetics, Inc. has a 1-year low of $13.82 and a 1-year high of $29.30. The stock has a 50 day moving average of $27.46 and a two-hundred day moving average of $24.32.

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

Analysts Set New Price Targets

Several analysts have issued reports on the company. Scotiabank upped their price objective on Myriad Genetics from $29.00 to $34.00 and gave the company a "sector outperform" rating in a research note on Tuesday, August 13th. Wells Fargo & Company began coverage on Myriad Genetics in a report on Tuesday, August 27th. They set an "overweight" rating and a $35.00 target price for the company. JPMorgan Chase & Co. upped their target price on Myriad Genetics from $17.00 to $20.00 and gave the company an "underweight" rating in a report on Wednesday, August 7th. Morgan Stanley began coverage on Myriad Genetics in a report on Thursday, September 19th. They set an "equal weight" rating and a $32.00 target price for the company. Finally, Piper Sandler upped their target price on Myriad Genetics from $28.00 to $30.00 and gave the company a "neutral" rating in a report on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $28.91.

Insider Activity

In other Myriad Genetics news, Director Heinrich Dreismann sold 10,000 shares of the firm's stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction of $270,500.00. Following the transaction, the director now directly owns 121,648 shares in the company, valued at $3,290,578.40. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director Colleen F. Reitan sold 46,012 shares of Myriad Genetics stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total value of $1,286,035.40. Following the transaction, the director now directly owns 42,533 shares in the company, valued at $1,188,797.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Heinrich Dreismann sold 10,000 shares of Myriad Genetics stock in a transaction dated Monday, September 9th. The stock was 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 $3,290,578.40. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.

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.