Balyasny Asset Management L.P. Makes New Investment in Myriad Genetics, Inc. (NASDAQ:MYGN)

Balyasny Asset Management L.P. acquired a new position in shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 83,382 shares of the company's stock, valued at approximately $1,143,000. Balyasny Asset Management L.P. owned approximately 0.09% of Myriad Genetics at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Sterling Capital Management LLC raised its stake in Myriad Genetics by 829.9% during the fourth quarter. Sterling Capital Management LLC now owns 2,864 shares of the company's stock worth $39,000 after acquiring an additional 2,556 shares in the last quarter. KBC Group NV grew its holdings in shares of Myriad Genetics by 132.8% during the fourth quarter. KBC Group NV now owns 5,845 shares of the company's stock worth $80,000 after purchasing an additional 3,334 shares during the last quarter. Inspire Advisors LLC grew its holdings in shares of Myriad Genetics by 48.1% during the fourth quarter. Inspire Advisors LLC now owns 11,226 shares of the company's stock worth $154,000 after purchasing an additional 3,644 shares during the last quarter. E Fund Management Co. Ltd. bought a new stake in shares of Myriad Genetics during the fourth quarter worth $161,000. Finally, Syon Capital LLC bought a new stake in shares of Myriad Genetics during the fourth quarter worth $176,000. 99.02% of the stock is currently owned by institutional investors and hedge funds.

Myriad Genetics Trading Up 7.3%

Shares of Myriad Genetics stock traded up $0.30 during trading on Monday, reaching $4.43. 2,356,579 shares of the company were exchanged, compared to its average volume of 1,116,916. Myriad Genetics, Inc. has a twelve month low of $3.81 and a twelve month high of $29.30. The business has a 50-day moving average price of $7.62 and a 200-day moving average price of $11.71. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $408.34 million, a price-to-earnings ratio of -3.41 and a beta of 2.01.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $195.90 million during the quarter, compared to analyst estimates of $200.37 million. Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. The company's revenue for the quarter was down 33.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.01) EPS. Sell-side analysts anticipate that Myriad Genetics, Inc. will post -0.3 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on MYGN shares. Guggenheim cut Myriad Genetics from a "buy" rating to a "neutral" rating in a report on Wednesday, April 9th. Piper Sandler decreased their target price on Myriad Genetics from $12.50 to $9.00 and set an "overweight" rating on the stock in a report on Thursday. The Goldman Sachs Group decreased their target price on Myriad Genetics from $14.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Raymond James restated an "outperform" rating and set a $10.00 target price (down previously from $19.00) on shares of Myriad Genetics in a report on Wednesday, May 7th. Finally, Bank of America decreased their target price on Myriad Genetics from $13.00 to $11.00 and set an "underperform" rating on the stock in a report on Monday, March 3rd. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Myriad Genetics currently has an average rating of "Hold" and an average target price of $15.79.

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.