Principal Financial Group Inc. Cuts Stake in Myriad Genetics, Inc. (NASDAQ:MYGN)

Principal Financial Group Inc. cut its holdings in Myriad Genetics, Inc. (NASDAQ:MYGN) by 4.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 428,023 shares of the company’s stock after selling 21,583 shares during the period. Principal Financial Group Inc. owned 0.47% of Myriad Genetics worth $11,724,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. State of New Jersey Common Pension Fund D bought a new position in Myriad Genetics during the third quarter valued at approximately $1,965,000. Maven Securities LTD bought a new stake in shares of Myriad Genetics in the 2nd quarter worth about $1,223,000. Simplify Asset Management Inc. bought a new stake in Myriad Genetics in the third quarter worth about $4,756,000. Barclays PLC boosted its holdings in Myriad Genetics by 136.9% during the 3rd quarter. Barclays PLC now owns 190,243 shares of the company’s stock valued at $5,210,000 after acquiring an additional 109,931 shares during the period. Finally, Sei Investments Co. boosted its stake in shares of Myriad Genetics by 5.4% during the second quarter. Sei Investments Co. now owns 2,417,192 shares of the company’s stock valued at $59,125,000 after purchasing an additional 124,007 shares during the period. 99.02% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Myriad Genetics

In other Myriad Genetics news, CEO Paul J. Diaz sold 15,000 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $22.93, for a total value of $343,950.00. Following the transaction, the chief executive officer now owns 962,378 shares in the company, valued at approximately $22,067,327.54. This trade represents a 1.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MYGN. Leerink Partners cut Myriad Genetics from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $30.00 to $21.00 in a research note on Monday, December 9th. Morgan Stanley lowered their target price on shares of Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a research note on Monday, November 18th. UBS Group initiated coverage on shares of Myriad Genetics in a report on Tuesday, December 10th. They set a “neutral” rating and a $18.00 price objective on the stock. Leerink Partnrs downgraded Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 9th. Finally, Bank of America reduced their price target on shares of Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating for the company in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $24.27.

Myriad Genetics Stock Down 0.6 %

Shares of MYGN opened at $13.42 on Monday. The firm has a market cap of $1.22 billion, a P/E ratio of -10.32 and a beta of 1.87. The stock’s 50 day moving average is $16.67 and its two-hundred day moving average is $22.95. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. Myriad Genetics, Inc. has a 12 month low of $12.87 and a 12 month high of $29.30.

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.