Bank of America Corp DE Sells 495,911 Shares of Myriad Genetics, Inc. (NASDAQ:MYGN)

Bank of America Corp DE trimmed its holdings in Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 17.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,402,708 shares of the company's stock after selling 495,911 shares during the period. Bank of America Corp DE owned 2.64% of Myriad Genetics worth $32,941,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MYGN. Jennison Associates LLC boosted its holdings in shares of Myriad Genetics by 144.2% during the 4th quarter. Jennison Associates LLC now owns 59,015 shares of the company's stock worth $809,000 after buying an additional 34,853 shares during the period. Northern Trust Corp raised its holdings in Myriad Genetics by 6.7% in the 4th quarter. Northern Trust Corp now owns 1,032,132 shares of the company's stock valued at $14,151,000 after acquiring an additional 64,923 shares during the period. Barclays PLC lifted its position in Myriad Genetics by 7.3% during the fourth quarter. Barclays PLC now owns 204,051 shares of the company's stock worth $2,797,000 after acquiring an additional 13,808 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Myriad Genetics by 6.4% during the fourth quarter. Victory Capital Management Inc. now owns 61,341 shares of the company's stock worth $841,000 after acquiring an additional 3,711 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Myriad Genetics by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 10,591,043 shares of the company's stock valued at $145,203,000 after purchasing an additional 279,379 shares during the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on MYGN shares. Scotiabank cut Myriad Genetics from a "sector outperform" rating to a "sector perform" rating and dropped their price target for the stock from $20.00 to $6.00 in a report on Wednesday. Bank of America dropped their target price on Myriad Genetics from $13.00 to $11.00 and set an "underperform" rating for the company in a report on Monday, March 3rd. Piper Sandler reduced their target price on shares of Myriad Genetics from $12.50 to $9.00 and set an "overweight" rating for the company in a research report on Thursday, May 15th. Craig Hallum set a $18.00 price target on shares of Myriad Genetics and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Finally, UBS Group cut their price objective on shares of Myriad Genetics from $16.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Myriad Genetics has an average rating of "Hold" and an average price target of $14.79.

Myriad Genetics Price Performance

Shares of Myriad Genetics stock traded down $0.05 during trading on Thursday, reaching $4.03. 179,485 shares of the company's stock were exchanged, compared to its average volume of 1,124,387. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90. Myriad Genetics, Inc. has a 1-year low of $3.81 and a 1-year high of $29.30. The company has a market cap of $371.01 million, a P/E ratio of -3.10 and a beta of 2.01. The firm's 50-day moving average price is $7.40 and its 200 day moving average price is $11.61.

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

Myriad Genetics Profile

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.