Weiss Asset Management LP Takes Position in Myriad Genetics, Inc. $MYGN

Weiss Asset Management LP acquired a new position in Myriad Genetics, Inc. (NASDAQ:MYGN) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 174,844 shares of the company’s stock, valued at approximately $787,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its stake in Myriad Genetics by 2,333.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company’s stock valued at $25,000 after purchasing an additional 4,480 shares during the last quarter. Quarry LP boosted its holdings in Myriad Genetics by 155.6% in the 4th quarter. Quarry LP now owns 4,365 shares of the company’s stock valued at $27,000 after purchasing an additional 2,657 shares during the period. Royal Bank of Canada grew its position in Myriad Genetics by 129.6% in the 4th quarter. Royal Bank of Canada now owns 4,993 shares of the company’s stock worth $31,000 after purchasing an additional 2,818 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Myriad Genetics during the 2nd quarter worth about $37,000. Finally, American Century Companies Inc. bought a new position in shares of Myriad Genetics during the 2nd quarter worth about $55,000. Institutional investors own 99.02% of the company’s stock.

Myriad Genetics Price Performance

NASDAQ:MYGN opened at $5.45 on Tuesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.19 and a current ratio of 2.40. The company has a 50-day moving average of $5.02 and a 200-day moving average of $4.98. Myriad Genetics, Inc. has a 52 week low of $3.53 and a 52 week high of $8.59. The company has a market capitalization of $514.75 million, a price-to-earnings ratio of -1.27 and a beta of 1.64.

Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). Myriad Genetics had a negative net margin of 48.24% and a negative return on equity of 8.51%. The business had revenue of $200.40 million during the quarter, compared to the consensus estimate of $202.42 million. During the same period in the previous year, the firm earned ($0.03) EPS. The business’s revenue was up 2.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Myriad Genetics, Inc. will post -0.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Rashmi Kumar sold 15,000 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $4.46, for a total value of $66,900.00. Following the completion of the transaction, the director directly owned 171,889 shares of the company’s stock, valued at approximately $766,624.94. This represents a 8.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Bisaro purchased 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was bought at an average cost of $3.69 per share, for a total transaction of $27,675.00. Following the purchase, the director owned 97,441 shares in the company, valued at $359,557.29. This represents a 8.34% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 1.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on MYGN shares. Wells Fargo & Company reduced their target price on shares of Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Wednesday, May 6th. Weiss Ratings upgraded Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 14th. Finally, TD Cowen cut their price target on Myriad Genetics from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Myriad Genetics has an average rating of “Hold” and an average price target of $6.50.

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.