Renaissance Technologies LLC Grows Stock Holdings in Myriad Genetics, Inc. (NASDAQ:MYGN)

Renaissance Technologies LLC raised its stake in shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 87.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 684,874 shares of the company's stock after acquiring an additional 319,500 shares during the period. Renaissance Technologies LLC owned approximately 0.75% of Myriad Genetics worth $9,390,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in MYGN. KBC Group NV lifted its holdings 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 purchasing an additional 3,334 shares during the period. Inspire Advisors LLC lifted its stake in shares of Myriad Genetics by 48.1% in the 4th quarter. Inspire Advisors LLC now owns 11,226 shares of the company's stock worth $154,000 after acquiring an additional 3,644 shares during the period. E Fund Management Co. Ltd. acquired a new stake in shares of Myriad Genetics in the 4th quarter worth $161,000. Entropy Technologies LP purchased a new stake in shares of Myriad Genetics in the fourth quarter valued at about $178,000. Finally, Polymer Capital Management US LLC acquired a new position in shares of Myriad Genetics during the fourth quarter worth about $179,000. 99.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MYGN has been the topic of a number of analyst reports. StockNews.com raised Myriad Genetics from a "hold" rating to a "buy" rating in a report on Thursday, April 10th. Scotiabank cut their price objective on Myriad Genetics from $24.00 to $20.00 and set a "sector outperform" rating for the company in a research report on Tuesday, April 1st. Stephens restated an "equal weight" rating and set a $20.00 target price on shares of Myriad Genetics in a research report on Thursday, January 16th. Raymond James reaffirmed an "outperform" rating and set a $19.00 price target (down from $27.00) on shares of Myriad Genetics in a research note on Tuesday, February 25th. Finally, Piper Sandler upgraded shares of Myriad Genetics from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $11.50 to $12.50 in a research note on Wednesday, March 12th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $20.61.

Myriad Genetics Stock Down 3.4 %

Shares of NASDAQ:MYGN opened at $7.64 on Friday. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $704.19 million, a P/E ratio of -5.88 and a beta of 1.87. Myriad Genetics, Inc. has a 52-week low of $7.35 and a 52-week high of $29.30. The stock's fifty day simple moving average is $10.34 and its 200-day simple moving average is $14.55.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last released its quarterly earnings results 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 analyst estimates 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 prior year, the business earned ($0.12) earnings per share. As a group, equities research analysts forecast that Myriad Genetics, Inc. will post -0.3 earnings per share for the current fiscal year.

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.

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