Prudential Financial Inc. Reduces Stake in Myriad Genetics, Inc. (NASDAQ:MYGN)

Prudential Financial Inc. trimmed its holdings in Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 37.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 209,131 shares of the company's stock after selling 126,550 shares during the period. Prudential Financial Inc. owned about 0.23% of Myriad Genetics worth $2,867,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in MYGN. Vanguard Group Inc. raised its holdings in shares of Myriad Genetics by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 10,591,043 shares of the company's stock worth $145,203,000 after acquiring an additional 279,379 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Myriad Genetics in the fourth quarter valued at approximately $247,000. Hillsdale Investment Management Inc. lifted its holdings in shares of Myriad Genetics by 8.6% in the fourth quarter. Hillsdale Investment Management Inc. now owns 166,300 shares of the company's stock valued at $2,280,000 after purchasing an additional 13,120 shares in the last quarter. Sei Investments Co. boosted its position in shares of Myriad Genetics by 7.4% during the fourth quarter. Sei Investments Co. now owns 2,526,761 shares of the company's stock valued at $34,642,000 after buying an additional 174,770 shares during the last quarter. Finally, Quantbot Technologies LP grew its holdings in Myriad Genetics by 236.6% during the fourth quarter. Quantbot Technologies LP now owns 18,745 shares of the company's stock worth $257,000 after buying an additional 13,176 shares in the last quarter. 99.02% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on MYGN shares. Bank of America cut their price objective on shares of Myriad Genetics from $13.00 to $11.00 and set an "underperform" rating on the stock in a report on Monday, March 3rd. Craig Hallum started coverage on shares of Myriad Genetics in a research report on Wednesday, February 12th. They issued a "buy" rating and a $29.00 price objective for the company. StockNews.com cut shares of Myriad Genetics from a "buy" rating to a "hold" rating in a research report on Wednesday, April 2nd. Leerink Partners downgraded Myriad Genetics from an "outperform" rating to a "market perform" rating and cut their target price for the stock from $30.00 to $21.00 in a research note on Monday, December 9th. Finally, Raymond James reiterated an "outperform" rating and set a $19.00 price target (down from $27.00) on shares of Myriad Genetics in a report on Tuesday, February 25th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $20.89.

Myriad Genetics Stock Performance

MYGN traded down $0.06 during trading hours on Monday, hitting $8.07. The stock had a trading volume of 1,477,172 shares, compared to its average volume of 890,267. Myriad Genetics, Inc. has a 1 year low of $7.81 and a 1 year high of $29.30. The company's fifty day simple moving average is $11.26 and its 200 day simple moving average is $15.61. The stock has a market cap of $736.86 million, a PE ratio of -6.21 and a beta of 1.87. 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 (NASDAQ:MYGN - Get Free Report) last posted its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.12). The business had revenue of $210.60 million during the quarter, compared to analysts' expectations 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 quarter in the previous year, the business earned ($0.12) EPS. Equities analysts anticipate that Myriad Genetics, Inc. will post -0.3 earnings per share for the current year.

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.