Point72 Asia Singapore Pte. Ltd. Makes New Investment in Myriad Genetics, Inc. (NASDAQ:MYGN)

Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Myriad Genetics, Inc. (NASDAQ:MYGN) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 3,362 shares of the company’s stock, valued at approximately $82,000.

Several other large investors have also made changes to their positions in MYGN. Hexagon Capital Partners LLC raised its stake in Myriad Genetics by 75.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock valued at $28,000 after purchasing an additional 491 shares during the period. Ameritas Investment Partners Inc. lifted its holdings in shares of Myriad Genetics by 9.0% in the first quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock worth $186,000 after buying an additional 720 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Myriad Genetics by 3.4% during the second quarter. Arizona State Retirement System now owns 25,160 shares of the company’s stock worth $615,000 after acquiring an additional 829 shares during the last quarter. Federated Hermes Inc. grew its stake in Myriad Genetics by 1.5% during the second quarter. Federated Hermes Inc. now owns 56,807 shares of the company’s stock valued at $1,389,000 after acquiring an additional 846 shares in the last quarter. Finally, Texas Permanent School Fund Corp grew its stake in Myriad Genetics by 1.2% during the first quarter. Texas Permanent School Fund Corp now owns 77,485 shares of the company’s stock valued at $1,652,000 after acquiring an additional 889 shares in the last quarter. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

Myriad Genetics Stock Performance

Shares of NASDAQ:MYGN opened at $26.46 on Monday. The company has a current ratio of 1.96, a quick ratio of 1.78 and a debt-to-equity ratio of 0.05. Myriad Genetics, Inc. has a 12 month low of $13.82 and a 12 month high of $29.30. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of -9.38 and a beta of 1.92. The firm’s 50-day moving average is $27.46 and its 200 day moving average is $24.28.

Myriad Genetics (NASDAQ:MYGN) last released its earnings results on Tuesday, August 6th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $211.50 million for the quarter, compared to analysts’ expectations of $206.44 million. During the same quarter in the prior year, the firm posted ($0.21) earnings per share. The company’s quarterly revenue was up 15.3% on a year-over-year basis. Research analysts predict that Myriad Genetics, Inc. will post -0.35 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on MYGN. Jefferies Financial Group reissued an “underperform” rating and set a $20.00 price objective (down previously from $25.00) on shares of Myriad Genetics in a report on Monday, June 3rd. JPMorgan Chase & Co. raised their price target on Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Wednesday, August 7th. Morgan Stanley began coverage on Myriad Genetics in a report on Thursday, September 19th. They set an “equal weight” rating and a $32.00 price objective on the stock. TD Cowen boosted their price target on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company assumed coverage on shares of Myriad Genetics in a research note on Tuesday, August 27th. They set an “overweight” rating and a $35.00 price target on the stock. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $28.91.

Insider Transactions at Myriad Genetics

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

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.