Connor Clark & Lunn Investment Management Ltd. Acquires 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. increased its holdings 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 (SEC). The institutional investor owned 921,911 shares of the company's stock after purchasing an additional 372,455 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 1.00% of Myriad Genetics worth $8,177,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Jennison Associates LLC increased its position in shares of Myriad Genetics by 3.0% in the first quarter. Jennison Associates LLC now owns 60,811 shares of the company's stock worth $539,000 after acquiring an additional 1,796 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of Myriad Genetics by 829.9% in the fourth quarter. Sterling Capital Management LLC now owns 2,864 shares of the company's stock worth $39,000 after acquiring an additional 2,556 shares in the last quarter. Natixis Advisors LLC increased its position in shares of Myriad Genetics by 1.3% in the first quarter. Natixis Advisors LLC now owns 212,138 shares of the company's stock worth $1,882,000 after acquiring an additional 2,810 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Myriad Genetics by 12.2% in the fourth quarter. ProShare Advisors LLC now owns 26,982 shares of the company's stock worth $370,000 after acquiring an additional 2,933 shares in the last quarter. Finally, MetLife Investment Management LLC increased its position in shares of Myriad Genetics by 6.2% in the fourth quarter. MetLife Investment Management LLC now owns 54,931 shares of the company's stock worth $753,000 after acquiring an additional 3,231 shares in the last quarter. 99.02% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MYGN shares. Piper Sandler dropped their target price on shares of Myriad Genetics from $12.50 to $9.00 and set an "overweight" rating on the stock in a research report on Thursday, May 15th. Wolfe Research downgraded shares of Myriad Genetics from an "outperform" rating to a "peer perform" rating in a research report on Thursday, May 8th. Wall Street Zen downgraded shares of Myriad Genetics from a "buy" rating to a "hold" rating in a research report on Thursday, May 8th. Scotiabank downgraded shares of Myriad Genetics from a "sector outperform" rating to a "sector perform" rating and lowered their price objective for the company from $20.00 to $6.00 in a research report on Wednesday, May 21st. Finally, Craig Hallum set a $18.00 price objective on shares of Myriad Genetics and gave the company a "buy" rating in a research report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $12.45.

Myriad Genetics Trading Down 3.1%

NASDAQ:MYGN traded down $0.18 during trading hours on Friday, hitting $5.71. 1,205,447 shares of the company traded hands, compared to its average volume of 2,427,871. The stock has a market capitalization of $531.26 million, a price-to-earnings ratio of -1.33 and a beta of 1.89. Myriad Genetics, Inc. has a twelve month low of $3.76 and a twelve month high of $29.30. The firm has a 50-day moving average of $5.10 and a 200 day moving average of $7.45.

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.