UBS Group AG Grows Stake in Myriad Genetics, Inc. $MYGN

UBS Group AG lifted its stake in shares of Myriad Genetics, Inc. (NASDAQ:MYGN) by 29.8% in the fourth quarter, Holdings Channel reports. The firm owned 639,691 shares of the company’s stock after buying an additional 147,045 shares during the period. UBS Group AG’s holdings in Myriad Genetics were worth $3,934,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of MYGN. EverSource Wealth Advisors LLC increased its stake in shares of Myriad Genetics by 2,333.3% during the second quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company’s stock worth $25,000 after purchasing an additional 4,480 shares in the last quarter. Hantz Financial Services Inc. increased its stake in shares of Myriad Genetics by 1,088.7% during the third quarter. Hantz Financial Services Inc. now owns 4,089 shares of the company’s stock worth $30,000 after purchasing an additional 3,745 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Myriad Genetics during the second quarter worth about $37,000. American Century Companies Inc. purchased a new stake in shares of Myriad Genetics during the second quarter worth about $55,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Myriad Genetics by 283.0% during the second quarter. Tower Research Capital LLC TRC now owns 10,582 shares of the company’s stock worth $56,000 after purchasing an additional 7,819 shares in the last quarter. Hedge funds and other institutional investors own 99.02% of the company’s stock.

Myriad Genetics Stock Performance

NASDAQ:MYGN opened at $3.82 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.40 and a quick ratio of 2.19. The firm has a market capitalization of $360.80 million, a price-to-earnings ratio of -0.89 and a beta of 1.81. The company’s 50-day moving average is $4.51 and its two-hundred day moving average is $5.54. Myriad Genetics, Inc. has a 1-year low of $3.53 and a 1-year high of $8.59.

Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.03). The firm had revenue of $200.40 million during the quarter, compared to analyst estimates of $202.42 million. Myriad Genetics had a negative net margin of 48.24% and a negative return on equity of 8.51%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. Analysts forecast that Myriad Genetics, Inc. will post -0.26 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. TD Cowen cut their target price on shares of Myriad Genetics from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Wednesday, May 6th. Weiss Ratings cut shares of Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 18th. Zacks Research raised shares of Myriad Genetics from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 26th. Wells Fargo & Company dropped their price objective on shares of Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Wednesday, May 6th. Finally, UBS Group dropped their price objective on shares of Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating for the company in a research note on Tuesday, February 24th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Myriad Genetics has an average rating of “Hold” and a consensus price target of $6.50.

Insider Buying and Selling at Myriad Genetics

In other news, CEO Samraat S. Raha bought 40,000 shares of the firm’s stock in a transaction on Monday, March 9th. The shares were bought at an average cost of $5.00 per share, for a total transaction of $200,000.00. Following the acquisition, the chief executive officer directly owned 493,104 shares of the company’s stock, valued at $2,465,520. This trade represents a 8.83% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Paul Bisaro bought 7,500 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was purchased at an average price of $3.69 per share, for a total transaction of $27,675.00. Following the completion of the acquisition, the director directly owned 97,441 shares in the company, valued at $359,557.29. The trade was a 8.34% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 152,007 shares of company stock worth $722,223 in the last ninety days. 1.90% of the stock is owned by insiders.

Myriad Genetics Profile

Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.