Bank of New York Mellon Corp Makes New $1.93 Million Investment in Myriad Genetics, Inc. $MYGN

Key Points

• Bank of New York Mellon bought 337,942 shares of Myriad Genetics valued at approximately $1.93 million, representing a 0.35% stake. Institutional investors collectively own 99.02% of the company.
• Myriad Genetics reported disappointing quarterly results, with a $0.25-per-share loss versus the expected $0.06 loss and revenue of $190.7 million versus $206.03 million expected. Revenue declined 10.5% year over year.
• Analyst sentiment is bearish: the stock carries an average “Reduce” rating and a $3.60 price target, while shares recently opened at $3.18 after trading between $2.74 and $8.59 over the past year.

Bank of New York Mellon Corp bought a new stake in shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 337,942 shares of the company's stock, valued at approximately $1,930,000. Bank of New York Mellon Corp owned 0.35% of Myriad Genetics as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Orbimed Advisors LLC bought a new stake in Myriad Genetics during the first quarter valued at about $562,500,000. Millennium Management LLC lifted its position in shares of Myriad Genetics by 41.1% during the fourth quarter. Millennium Management LLC now owns 6,700,158 shares of the company's stock valued at $41,206,000 after buying an additional 1,951,831 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Myriad Genetics by 157.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company's stock valued at $17,662,000 after buying an additional 1,492,405 shares in the last quarter. Kent Lake PR LLC purchased a new stake in Myriad Genetics during the second quarter valued at approximately $6,638,000. Finally, Federated Hermes Inc. boosted its stake in Myriad Genetics by 103,916.0% in the second quarter. Federated Hermes Inc. now owns 1,122,333 shares of the company's stock valued at $5,960,000 after acquiring an additional 1,121,254 shares in the last quarter. Institutional investors own 99.02% of the company's stock.

Myriad Genetics Price Performance

NASDAQ:MYGN opened at $3.18 on Wednesday. Myriad Genetics, Inc. has a one year low of $2.74 and a one year high of $8.59. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.98 and a current ratio of 2.21. The firm has a market cap of $304.17 million, a price-to-earnings ratio of -2.67 and a beta of 1.68. The firm's fifty day moving average is $4.33 and its two-hundred day moving average is $4.50.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.19). The company had revenue of $190.70 million for the quarter, compared to analysts' expectations of $206.03 million. Myriad Genetics had a negative net margin of 13.96% and a negative return on equity of 16.09%. The business's quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.05 EPS. Research analysts expect that Myriad Genetics, Inc. will post -0.99 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on MYGN shares. Piper Sandler lowered Myriad Genetics from an "overweight" rating to an "underweight" rating and reduced their target price for the company from $5.45 to $2.00 in a research report on Tuesday, September 1st. Weiss Ratings lowered Myriad Genetics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, July 30th. TD Cowen cut their price objective on shares of Myriad Genetics from $6.00 to $4.00 and set a "hold" rating on the stock in a report on Friday, July 31st. Wall Street Zen lowered shares of Myriad Genetics from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Finally, Wells Fargo & Company lowered their target price on shares of Myriad Genetics from $5.50 to $3.00 and set an "equal weight" rating for the company in a research note on Monday, August 3rd. Four equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $3.60.

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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