Connor Clark & Lunn Investment Management Ltd. Buys 372,455 Shares of Myriad Genetics, Inc. (NASDAQ:MYGN)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has increased its stake in Myriad Genetics by 67.8%, bringing its total holdings to approximately 921,911 shares valued at $8.18 million.
• Several investment firms, including Sterling Capital Management and CWM LLC, have significantly upgraded their positions in Myriad Genetics, indicating strong institutional interest in the company.
• Wall Street analysts have lowered their target prices for Myriad Genetics, with the consensus rating being "Hold" and an average target price of $12.45, suggesting cautious sentiment about the stock's future performance.

Connor Clark & Lunn Investment Management Ltd. raised its stake in Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 67.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 921,911 shares of the company's stock after buying an additional 372,455 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 1.00% of Myriad Genetics worth $8,177,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MYGN. Sterling Capital Management LLC grew its position in shares of Myriad Genetics by 829.9% in the 4th quarter. Sterling Capital Management LLC now owns 2,864 shares of the company's stock valued at $39,000 after buying an additional 2,556 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Myriad Genetics by 520.8% in the 1st quarter. GAMMA Investing LLC now owns 4,470 shares of the company's stock valued at $40,000 after buying an additional 3,750 shares during the last quarter. CWM LLC grew its position in shares of Myriad Genetics by 600.2% in the 1st quarter. CWM LLC now owns 9,796 shares of the company's stock valued at $87,000 after buying an additional 8,397 shares during the last quarter. M.E. Allison & CO. Inc. bought a new stake in shares of Myriad Genetics in the 1st quarter valued at about $93,000. Finally, Blue Trust Inc. grew its position in shares of Myriad Genetics by 57.0% in the 1st quarter. Blue Trust Inc. now owns 14,367 shares of the company's stock valued at $127,000 after buying an additional 5,214 shares during the last quarter. Institutional investors own 99.02% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. UBS Group cut their target price on Myriad Genetics from $16.00 to $7.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 7th. The Goldman Sachs Group cut their target price on Myriad Genetics from $14.00 to $8.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Piper Sandler cut their target price on Myriad Genetics from $12.50 to $9.00 and set an "overweight" rating on the stock in a research report on Thursday, May 15th. Scotiabank lowered Myriad Genetics from a "sector outperform" rating to a "sector perform" rating and cut their target price for the company from $20.00 to $6.00 in a research report on Wednesday, May 21st. Finally, Wells Fargo & Company lowered Myriad Genetics from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $22.00 to $6.00 in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $12.45.

Myriad Genetics Stock Performance

Shares of NASDAQ:MYGN opened at $6.19 on Tuesday. The business's 50 day simple moving average is $5.03 and its two-hundred day simple moving average is $7.57. The firm has a market cap of $575.92 million, a P/E ratio of -1.45 and a beta of 1.89. Myriad Genetics, Inc. has a 52-week low of $3.76 and a 52-week high of $29.30.

Myriad Genetics Profile

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.

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