Weiss Asset Management LP Acquires New Shares in Myriad Genetics, Inc. $MYGN

Weiss Asset Management LP bought a new stake in Myriad Genetics, Inc. (NASDAQ:MYGN) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 174,844 shares of the company’s stock, valued at approximately $787,000. Weiss Asset Management LP owned approximately 0.19% of Myriad Genetics at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Aberdeen Group plc lifted its holdings in shares of Myriad Genetics by 38.6% during the 4th quarter. Aberdeen Group plc now owns 885,801 shares of the company’s stock valued at $5,448,000 after buying an additional 246,748 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Myriad Genetics by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 8,225,371 shares of the company’s stock valued at $50,586,000 after buying an additional 342,856 shares in the last quarter. Y Intercept Hong Kong Ltd increased its holdings in Myriad Genetics by 83.3% in the first quarter. Y Intercept Hong Kong Ltd now owns 654,224 shares of the company’s stock worth $2,944,000 after buying an additional 297,331 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Myriad Genetics by 23.9% during the first quarter. Assenagon Asset Management S.A. now owns 1,446,961 shares of the company’s stock valued at $6,511,000 after acquiring an additional 279,227 shares in the last quarter. Finally, UBS Group AG raised its position in Myriad Genetics by 29.8% during the fourth quarter. UBS Group AG now owns 639,691 shares of the company’s stock valued at $3,934,000 after acquiring an additional 147,045 shares in the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Rashmi Kumar sold 15,000 shares of Myriad Genetics stock in a transaction on Monday, June 8th. The shares were sold at an average price of $4.46, for a total value of $66,900.00. Following the transaction, the director owned 171,889 shares in the company, valued at $766,624.94. This trade represents a 8.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Bisaro purchased 7,500 shares of the firm’s stock in a transaction on Thursday, May 14th. The shares were purchased at an average price of $3.69 per share, with a total value of $27,675.00. Following the completion of the acquisition, the director directly owned 97,441 shares of the company’s stock, valued at approximately $359,557.29. This trade represents a 8.34% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on MYGN shares. Weiss Ratings raised shares of Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 14th. Wells Fargo & Company cut their price target on shares of Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating on the stock in a report on Wednesday, May 6th. Finally, TD Cowen reduced their price objective 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. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Myriad Genetics currently has a consensus rating of “Hold” and an average price target of $6.50.

Myriad Genetics Stock Down 2.9%

MYGN opened at $5.45 on Tuesday. The business has a 50 day moving average price of $5.02 and a 200 day moving average price of $4.98. Myriad Genetics, Inc. has a twelve month low of $3.53 and a twelve month high of $8.59. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.19 and a current ratio of 2.40. The firm has a market cap of $514.75 million, a P/E ratio of -1.27 and a beta of 1.64.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). Myriad Genetics had a negative net margin of 48.24% and a negative return on equity of 8.51%. The company had revenue of $200.40 million for the quarter, compared to analyst estimates of $202.42 million. During the same quarter last year, the business earned ($0.03) EPS. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. Research analysts forecast that Myriad Genetics, Inc. will post -0.17 EPS for the current year.

About Myriad Genetics

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.