Cubist Systematic Strategies LLC Cuts Position in Myriad Genetics, Inc. $MYGN

Key Points

• Cubist Systematic Strategies LLC sold 154,608 shares of Myriad Genetics, reducing its holdings by 56.9% in the 1st quarter, leaving the fund with approximately 117,338 shares valued at $1,041,000.
• Recent analyst reports show a downgrade from Scotiabank, lowering the price target for Myriad Genetics from $20.00 to $6.00, while Piper Sandler adjusted its target from $12.50 to $9.00, indicating a mixed outlook.
• The stock currently holds a consensus rating of "Hold" among analysts, with an average target price of $12.45, despite varying opinions on its growth potential.

Cubist Systematic Strategies LLC reduced its holdings in Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 56.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 117,338 shares of the company's stock after selling 154,608 shares during the quarter. Cubist Systematic Strategies LLC owned 0.13% of Myriad Genetics worth $1,041,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. GAMMA Investing LLC lifted its position in Myriad Genetics by 520.8% during the first quarter. GAMMA Investing LLC now owns 4,470 shares of the company's stock valued at $40,000 after purchasing an additional 3,750 shares during the last quarter. State of Wyoming lifted its holdings in shares of Myriad Genetics by 147.0% during the 1st quarter. State of Wyoming now owns 8,641 shares of the company's stock worth $77,000 after acquiring an additional 5,143 shares during the last quarter. CWM LLC grew its position in Myriad Genetics by 600.2% in the first quarter. CWM LLC now owns 9,796 shares of the company's stock worth $87,000 after acquiring an additional 8,397 shares in the last quarter. M.E. Allison & CO. Inc. bought a new position in Myriad Genetics in the first quarter valued at $93,000. Finally, Baird Financial Group Inc. purchased a new stake in Myriad Genetics during the first quarter valued at about $105,000. Institutional investors own 99.02% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Scotiabank lowered Myriad Genetics from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the company from $20.00 to $6.00 in a research report on Wednesday, May 21st. Four analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $12.45.

Myriad Genetics Price Performance

NASDAQ:MYGN traded down $0.44 during mid-day trading on Friday, reaching $7.24. 1,999,910 shares of the company's stock traded hands, compared to its average volume of 1,306,679. The company has a 50 day moving average price of $5.58 and a 200-day moving average price of $6.46. The firm has a market capitalization of $673.61 million, a price-to-earnings ratio of -1.69 and a beta of 1.93. Myriad Genetics, Inc. has a 12-month low of $3.76 and a 12-month high of $29.30.

About Myriad Genetics

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.