Squarepoint Ops LLC Trims Holdings in Myriad Genetics, Inc. (NASDAQ:MYGN)

Squarepoint Ops LLC reduced its stake in Myriad Genetics, Inc. (NASDAQ:MYGN) by 68.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 27,286 shares of the company’s stock after selling 59,290 shares during the quarter. Squarepoint Ops LLC’s holdings in Myriad Genetics were worth $667,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Hexagon Capital Partners LLC grew its holdings in shares of Myriad Genetics by 75.3% in the second 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 in the last quarter. Innealta Capital LLC purchased a new position in Myriad Genetics in the 2nd quarter valued at approximately $36,000. Point72 DIFC Ltd acquired a new position in shares of Myriad Genetics in the second quarter worth $60,000. Neo Ivy Capital Management purchased a new stake in shares of Myriad Genetics during the second quarter worth $85,000. Finally, Quest Partners LLC raised its stake in shares of Myriad Genetics by 10,724.5% in the second quarter. Quest Partners LLC now owns 5,304 shares of the company’s stock valued at $130,000 after acquiring an additional 5,255 shares in the last quarter. Hedge funds and other institutional investors own 99.02% of the company’s stock.

Insider Activity

In related news, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction 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 in the company, valued at $3,290,578.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Myriad Genetics news, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was 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 directly owns 121,648 shares of the company’s stock, valued at approximately $3,290,578.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction, the director now directly owns 42,533 shares in the company, valued at approximately $1,188,797.35. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. 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 target on the stock. Wells Fargo & Company started coverage on shares of Myriad Genetics in a report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 target price 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 report on Wednesday, August 7th. JPMorgan Chase & Co. increased their price objective on shares of Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Wednesday, August 7th. Finally, Scotiabank lifted their price objective on shares of Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $28.91.

Myriad Genetics Stock Performance

NASDAQ MYGN opened at $25.96 on Wednesday. The company has a fifty day moving average of $27.30 and a two-hundred day moving average of $24.52. The company has a market capitalization of $2.35 billion, a PE ratio of -9.21 and a beta of 1.91. Myriad Genetics, Inc. has a 1 year low of $13.82 and a 1 year high of $29.30. 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 (NASDAQ:MYGN) last announced its earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.06. The firm had revenue of $211.50 million during the quarter, compared to analysts’ expectations of $206.44 million. Myriad Genetics had a negative return on equity of 5.64% and a negative net margin of 19.35%. The business’s revenue was up 15.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.21) EPS. As a group, analysts expect that Myriad Genetics, Inc. will post -0.35 earnings per share for the current year.

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.