Seven Eight Capital LP Makes New $236,000 Investment in Myriad Genetics, Inc. (NASDAQ:MYGN)

Seven Eight Capital LP bought a new stake in shares of Myriad Genetics, Inc. (NASDAQ:MYGN) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 9,662 shares of the company’s stock, valued at approximately $236,000.

Several other hedge funds also recently bought and sold shares of the business. Hexagon Capital Partners LLC increased its position in shares of Myriad Genetics by 75.3% during the second quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock worth $28,000 after acquiring an additional 491 shares during the period. Innealta Capital LLC purchased a new position in Myriad Genetics during the 2nd quarter worth $36,000. Neo Ivy Capital Management bought a new stake in Myriad Genetics during the 2nd quarter valued at $85,000. Quest Partners LLC lifted its holdings in shares of Myriad Genetics by 10,724.5% in the 2nd quarter. Quest Partners LLC now owns 5,304 shares of the company’s stock worth $130,000 after buying an additional 5,255 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in Myriad Genetics in the second quarter worth about $162,000. Institutional investors own 99.02% of the company’s stock.

Myriad Genetics Trading Down 2.6 %

Shares of NASDAQ:MYGN opened at $26.93 on Tuesday. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of -9.55 and a beta of 1.92. The business’s 50 day moving average price is $27.50 and its 200-day moving average price is $24.16. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.96 and a quick ratio of 1.78. Myriad Genetics, Inc. has a 1 year low of $13.82 and a 1 year high of $29.30.

Myriad Genetics (NASDAQ:MYGN) last released its earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.06. Myriad Genetics had a negative return on equity of 5.64% and a negative net margin of 19.35%. The business had revenue of $211.50 million for the quarter, compared to the consensus estimate of $206.44 million. During the same quarter last year, the business posted ($0.21) earnings per share. The business’s quarterly revenue was up 15.3% compared to the same quarter last year. On average, equities research analysts forecast that Myriad Genetics, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Myriad Genetics

In other Myriad Genetics news, Director Colleen F. Reitan sold 46,012 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the completion of the sale, the director now owns 42,533 shares of the company’s stock, valued at $1,188,797.35. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Heinrich Dreismann sold 10,000 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the sale, the director now owns 121,648 shares in the company, valued at approximately $3,290,578.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Colleen F. Reitan sold 46,012 shares of Myriad Genetics stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total value of $1,286,035.40. Following the completion of the transaction, the director now directly owns 42,533 shares of the company’s stock, valued at $1,188,797.35. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Scotiabank increased their target price on Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research report on Tuesday, August 13th. Jefferies Financial Group reiterated an “underperform” rating and issued a $20.00 target price (down previously from $25.00) on shares of Myriad Genetics in a research note on Monday, June 3rd. TD Cowen increased their price target on shares of Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. raised their price objective on Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 7th. Finally, Piper Sandler lifted their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $28.91.

About Myriad Genetics

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.