Connor Clark & Lunn Investment Management Ltd. Takes Position in Myriad Genetics, Inc. $MYGN

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Myriad Genetics, Inc. (NASDAQ:MYGN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,407,860 shares of the company’s stock, valued at approximately $8,039,000.

A number of other large investors also recently added to or reduced their stakes in the business. Orbimed Advisors LLC bought a new stake in Myriad Genetics in the first quarter valued at approximately $562,500,000. BlackRock Inc. purchased a new stake in shares of Myriad Genetics in the 2nd quarter worth about $62,184,000. Millennium Management LLC lifted its holdings in Myriad Genetics by 41.1% in the fourth quarter. Millennium Management LLC now owns 6,700,158 shares of the company’s stock worth $41,206,000 after buying an additional 1,951,831 shares during the period. Jacobs Levy Equity Management Inc. lifted its stake in shares of Myriad Genetics by 157.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company’s stock valued at $17,662,000 after purchasing an additional 1,492,405 shares during the period. Finally, Kent Lake PR LLC purchased a new position in Myriad Genetics during the second quarter valued at $6,638,000. Hedge funds and other institutional investors own 99.02% of the company’s stock.

Myriad Genetics Stock Performance

Shares of Myriad Genetics stock opened at $3.12 on Thursday. Myriad Genetics, Inc. has a 1 year low of $2.74 and a 1 year high of $8.59. The firm’s 50-day moving average is $4.68 and its 200 day moving average is $4.59. The stock has a market cap of $298.43 million, a price-to-earnings ratio of -2.62 and a beta of 1.69. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.21 and a quick ratio of 1.98.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.19). The firm had revenue of $190.70 million for the quarter, compared to the consensus estimate of $206.03 million. Myriad Genetics had a negative net margin of 13.96% and a negative return on equity of 16.09%. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.05 earnings per share. Sell-side analysts anticipate that Myriad Genetics, Inc. will post -0.99 EPS for the current fiscal year.

Insider Activity at Myriad Genetics

In related news, Director Rashmi Kumar sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $4.46, for a total transaction of $66,900.00. Following the completion of the sale, the director owned 171,889 shares of the company’s stock, valued at $766,624.94. This trade represents a 8.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MYGN. TD Cowen cut their price objective on shares of Myriad Genetics from $6.00 to $4.00 and set a “hold” rating on the stock in a report on Friday, July 31st. Stephens lowered their target price on shares of Myriad Genetics from $5.00 to $3.00 and set an “equal weight” rating for the company in a report on Tuesday, August 18th. Wells Fargo & Company dropped their price target on Myriad Genetics from $5.50 to $3.00 and set an “equal weight” rating on the stock in a research report on Monday, August 3rd. Wall Street Zen downgraded Myriad Genetics from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Finally, Zacks Research lowered Myriad Genetics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 4th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $4.90.

Myriad Genetics Company 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.