Connor Clark & Lunn Investment Management Ltd. Purchases New Position in Myriad Genetics, Inc. $MYGN

Key Points

• Connor Clark & Lunn Investment Management acquired 1.41 million Myriad Genetics shares worth approximately $8.0 million, taking a 1.47% stake. Institutional investors collectively own 99.02% of the company.
• Analyst sentiment has deteriorated: Myriad has a consensus “Reduce” rating and a $4.90 target price, with recent downgrades from TD Cowen, Wells Fargo, Zacks Research and others.
• Myriad reported a quarterly loss of $0.25 per share versus the $0.06 expected loss, while revenue fell 10.5% year over year to $190.7 million. The stock opened at $3.12, near its one-year low of $2.74.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,407,860 shares of the company's stock, valued at approximately $8,039,000. Connor Clark & Lunn Investment Management Ltd. owned 1.47% of Myriad Genetics at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Allworth Financial LP bought a new stake in shares of Myriad Genetics during the 2nd quarter valued at $25,000. EverSource Wealth Advisors LLC grew its holdings in Myriad Genetics by 2,333.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company's stock valued at $25,000 after buying an additional 4,480 shares in the last quarter. Quarry LP grew its holdings in Myriad Genetics by 155.6% during the 4th quarter. Quarry LP now owns 4,365 shares of the company's stock valued at $27,000 after buying an additional 2,657 shares in the last quarter. Royal Bank of Canada increased its position in shares of Myriad Genetics by 129.6% during the fourth quarter. Royal Bank of Canada now owns 4,993 shares of the company's stock valued at $31,000 after buying an additional 2,818 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Myriad Genetics in the second quarter worth about $37,000. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on MYGN. TD Cowen reduced their price objective on shares of Myriad Genetics from $6.00 to $4.00 and set a "hold" rating for the company in a research note on Friday, July 31st. Weiss Ratings lowered shares of Myriad Genetics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, July 30th. Zacks Research lowered shares of Myriad Genetics from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 4th. Wells Fargo & Company decreased their price target on shares of Myriad Genetics from $5.50 to $3.00 and set an "equal weight" rating on the stock in a report on Monday, August 3rd. Finally, Wall Street Zen downgraded Myriad Genetics from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Myriad Genetics has a consensus rating of "Reduce" and a consensus target price of $4.90.

Myriad Genetics Price Performance

MYGN stock opened at $3.12 on Thursday. The firm has a 50 day simple moving average of $4.68 and a two-hundred day simple moving average of $4.59. The stock has a market cap of $298.43 million, a PE ratio of -2.62 and a beta of 1.69. 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 current ratio of 2.21 and a quick ratio of 1.98.

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

Insider Transactions at Myriad Genetics

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

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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