BlackRock Inc. Acquires New Holdings in Myriad Genetics, Inc. $MYGN

Key Points

• BlackRock acquired 10.89 million Myriad Genetics shares worth approximately $62.2 million, giving it an 11.39% stake. Institutional investors collectively own 99.02% of the company.
• Analyst sentiment is largely negative: Myriad has an average “Reduce” rating and a $4.90 consensus price target, with several firms recently lowering their targets and ratings.
• Myriad reported a quarterly loss of $0.25 per share versus the expected $0.06 loss, while revenue fell 10.5% year over year to $190.7 million, below estimates.

BlackRock Inc. bought a new position in shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 10,890,440 shares of the company's stock, valued at approximately $62,184,000. BlackRock Inc. owned 11.39% of Myriad Genetics at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Orbimed Advisors LLC purchased a new stake in shares of Myriad Genetics during the 1st quarter valued at $562,500,000. Millennium Management LLC grew its position in Myriad Genetics by 41.1% in the fourth 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 in the last quarter. Jacobs Levy Equity Management Inc. grew its position in 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 worth $17,662,000 after acquiring an additional 1,492,405 shares in the last quarter. Kent Lake PR LLC bought a new position in Myriad Genetics in the second quarter valued at $6,638,000. Finally, Federated Hermes Inc. increased 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 during the last quarter. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Wells Fargo & Company dropped their price target on 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. Weiss Ratings lowered Myriad Genetics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, July 30th. TD Cowen decreased their price objective on Myriad Genetics from $6.00 to $4.00 and set a "hold" rating on the stock in a report on Friday, July 31st. Zacks Research lowered Myriad Genetics from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 4th. Finally, Stephens reduced their price target on shares of Myriad Genetics from $5.00 to $3.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 18th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $4.90.

Insider Buying and Selling at Myriad Genetics

In other news, Director Rashmi Kumar sold 15,000 shares of the business'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 transaction, the director directly owned 171,889 shares of the company's stock, valued at approximately $766,624.94. The trade was a 8.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.90% of the company's stock.

Myriad Genetics Stock Performance

Shares of MYGN stock opened at $3.16 on Monday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.98 and a current ratio of 2.21. Myriad Genetics, Inc. has a fifty-two week low of $2.74 and a fifty-two week high of $8.59. The stock has a 50 day moving average price of $4.63 and a two-hundred day moving average price of $4.57. The company has a market capitalization of $302.25 million, a P/E ratio of -2.66 and a beta of 1.69.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.19). The firm 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 revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.05 EPS. Analysts expect that Myriad Genetics, Inc. will post -0.99 earnings per share for the current year.

Myriad Genetics Company 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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