Assenagon Asset Management S.A. Reduces Holdings in Myriad Genetics, Inc. $MYGN

Key Points

• Assenagon Asset Management reduced its Myriad Genetics stake by 28.7% in the second quarter, selling 415,497 shares and retaining 1.03 million shares worth approximately $5.9 million.
• Myriad Genetics reported disappointing quarterly results, with a loss of $0.25 per share and revenue of $190.7 million, both below analyst expectations. Revenue declined 10.5% year over year, and analysts project a full-year loss of $0.62 per share.
• Analyst sentiment has weakened: several firms cut their price targets and ratings, leaving the stock with a consensus “Reduce” rating and an average target price of $5.38. The shares opened at $3.22, while institutional investors collectively own 99.02% of the company.

Assenagon Asset Management S.A. decreased its holdings in Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 28.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,031,464 shares of the company's stock after selling 415,497 shares during the quarter. Assenagon Asset Management S.A. owned approximately 1.09% of Myriad Genetics worth $5,890,000 as of its most recent filing with the SEC.

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

Insider Transactions at Myriad Genetics

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 shares were sold at an average price of $4.46, for a total transaction of $66,900.00. Following 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 ownership of the stock. The transaction was disclosed in a legal 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 bought 7,500 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The shares were purchased at an average cost of $3.69 per share, for a total transaction of $27,675.00. Following the acquisition, the director owned 97,441 shares of the company's stock, valued at $359,557.29. This represents a 8.34% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 1.90% of the company's stock.

Myriad Genetics Trading Down 0.9%

Myriad Genetics stock opened at $3.22 on Wednesday. Myriad Genetics, Inc. has a 52-week low of $2.74 and a 52-week high of $8.59. The company has a quick ratio of 1.98, a current ratio of 2.21 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $307.99 million, a price-to-earnings ratio of -2.71 and a beta of 1.69. The firm has a 50-day moving average price of $4.97 and a two-hundred day moving average price of $4.79.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.19). Myriad Genetics had a negative return on equity of 16.09% and a negative net margin of 13.96%.The business had revenue of $190.70 million for the quarter, compared to analyst estimates of $206.03 million. During the same quarter last year, the firm posted $0.05 EPS. The company's revenue was down 10.5% compared to the same quarter last year. Sell-side analysts expect that Myriad Genetics, Inc. will post -0.62 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MYGN. Wells Fargo & Company reduced their price target on shares of Myriad Genetics from $5.50 to $3.00 and set an "equal weight" rating on the stock in a research report on Monday, August 3rd. Wall Street Zen lowered Myriad Genetics from a "hold" rating to a "sell" rating in a report on Saturday. TD Cowen cut their price objective on Myriad Genetics from $6.00 to $4.00 and set a "hold" rating on the stock in a research note on Friday, July 31st. Zacks Research lowered Myriad Genetics from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings lowered Myriad Genetics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Myriad Genetics currently has an average rating of "Reduce" and a consensus target price of $5.38.

About Myriad Genetics

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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