Assenagon Asset Management S.A. Buys 279,227 Shares of Myriad Genetics, Inc. $MYGN

Key Points

• Assenagon Asset Management increased its stake in Myriad Genetics by 23.9% in the first quarter, buying 279,227 additional shares and bringing its total holding to 1,446,961 shares worth about $6.5 million.
• Several other major institutions also adjusted their positions, and institutional investors now own 99.02% of Myriad Genetics’ stock, highlighting heavy professional ownership.
• Analyst sentiment remains cautious: recent coverage included rating downgrades and lower price targets, and the stock currently carries a Hold consensus with an average price target of $6.50.

Assenagon Asset Management S.A. increased its stake in Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 23.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,446,961 shares of the company's stock after purchasing an additional 279,227 shares during the quarter. Assenagon Asset Management S.A. owned approximately 1.53% of Myriad Genetics worth $6,511,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Myriad Genetics by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 8,225,371 shares of the company's stock worth $50,586,000 after buying an additional 342,856 shares during the period. Millennium Management LLC lifted its position in Myriad Genetics by 41.1% during the 4th quarter. Millennium Management LLC now owns 6,700,158 shares of the company's stock worth $41,206,000 after acquiring an additional 1,951,831 shares during the last quarter. State Street Corp boosted its holdings in Myriad Genetics by 19.9% during the fourth quarter. State Street Corp now owns 5,966,567 shares of the company's stock valued at $36,694,000 after acquiring an additional 990,075 shares during the period. Glenview Capital Management LLC boosted its holdings in Myriad Genetics by 17.6% during the second quarter. Glenview Capital Management LLC now owns 4,587,407 shares of the company's stock valued at $24,359,000 after acquiring an additional 687,857 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Myriad Genetics by 157.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company's stock valued at $17,662,000 after purchasing an additional 1,492,405 shares during the last quarter. Institutional investors own 99.02% of the company's stock.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MYGN. Weiss Ratings downgraded Myriad Genetics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday. Wells Fargo & Company dropped their price target on Myriad Genetics from $6.00 to $5.50 and set an "equal weight" rating on the stock in a research report on Wednesday, May 6th. 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 analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $6.50.

Myriad Genetics Price Performance

Shares of Myriad Genetics stock opened at $5.88 on Monday. The firm has a market cap of $555.37 million, a P/E ratio of -1.37 and a beta of 1.74. The firm's 50-day simple moving average is $4.43 and its 200-day simple moving average is $5.09. Myriad Genetics, Inc. has a twelve month low of $3.53 and a twelve month high of $8.59. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.19 and a current ratio of 2.40.

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

Myriad Genetics 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.

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