Bank of America Corp DE Decreases Stock Holdings in Myriad Genetics, Inc. $MYGN

Key Points

• Bank of America cut its Myriad Genetics position by 39.7% in the first quarter, selling 344,051 shares and retaining 523,020 shares valued at approximately $2.35 million.
• Institutional ownership remains high at 99.02%, with Vanguard, Y Intercept Hong Kong, Assenagon Asset Management and UBS increasing their stakes; Orbimed Advisors also initiated a new position.
• Analyst sentiment is weak, with recent downgrades producing a consensus “Reduce” rating and an average price target of $3.60. Myriad’s latest quarterly results missed estimates, with a $0.25 per-share loss and revenue down 10.5% year over year.

Bank of America Corp DE lessened its position in shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 39.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 523,020 shares of the company's stock after selling 344,051 shares during the quarter. Bank of America Corp DE owned 0.55% of Myriad Genetics worth $2,354,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MYGN. Orbimed Advisors LLC bought a new stake in shares of Myriad Genetics during the 1st quarter valued at about $562,500,000. Vanguard Group Inc. lifted its stake in shares of Myriad Genetics by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 8,225,371 shares of the company's stock worth $50,586,000 after purchasing an additional 342,856 shares during the period. Y Intercept Hong Kong Ltd boosted its holdings in shares of Myriad Genetics by 83.3% in the first quarter. Y Intercept Hong Kong Ltd now owns 654,224 shares of the company's stock worth $2,944,000 after buying an additional 297,331 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Myriad Genetics by 23.9% in the first quarter. Assenagon Asset Management S.A. now owns 1,446,961 shares of the company's stock worth $6,511,000 after buying an additional 279,227 shares during the last quarter. Finally, UBS Group AG grew its position in Myriad Genetics by 29.8% during the fourth quarter. UBS Group AG now owns 639,691 shares of the company's stock valued at $3,934,000 after buying an additional 147,045 shares during the period. 99.02% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MYGN has been the subject of several analyst reports. Piper Sandler lowered Myriad Genetics from an "overweight" rating to an "underweight" rating and set a $2.00 price objective for the company. in a research note on Tuesday. Wells Fargo & Company lowered their target price on 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. Zacks Research lowered Myriad Genetics from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 4th. Wall Street Zen cut Myriad Genetics from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Finally, Stephens decreased their price objective on Myriad Genetics from $5.00 to $3.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 18th. Four analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $3.60.

Myriad Genetics Price Performance

Myriad Genetics stock opened at $3.18 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's fifty day moving average is $4.57 and its 200 day moving average is $4.54. The company has a market cap of $304.17 million, a price-to-earnings ratio of -2.67 and a beta of 1.68.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last issued 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). The company had revenue of $190.70 million during the quarter, compared to the consensus estimate of $206.03 million. Myriad Genetics had a negative return on equity of 16.09% and a negative net margin of 13.96%.The firm's quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.05 earnings per share. Sell-side analysts forecast that Myriad Genetics, Inc. will post -0.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Rashmi Kumar sold 15,000 shares of the business's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $4.46, for a total value of $66,900.00. Following the completion of the sale, the director owned 171,889 shares in the company, valued at approximately $766,624.94. The trade was a 8.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.90% of the stock is currently owned by company insiders.

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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