Dimensional Fund Advisors LP Reduces Stake in Myriad Genetics, Inc. $MYGN

Key Points

• Dimensional Fund Advisors cut its Myriad Genetics stake by 42.6% in the first quarter, selling 548,396 shares and retaining 739,051 shares worth approximately $3.3 million. Institutional investors collectively own 99.02% of the company.
• Analyst sentiment has deteriorated, with multiple firms reducing price targets and issuing sell-oriented ratings. MarketBeat reports a consensus rating of “Reduce” and a consensus price target of $5.38.
• Myriad Genetics reported weaker-than-expected quarterly results: a loss of $0.25 per share versus expectations of a $0.06 loss, revenue of $190.7 million below the $206 million estimate, and a 10.5% year-over-year revenue decline.

Dimensional Fund Advisors LP trimmed its position in shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 42.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 739,051 shares of the company's stock after selling 548,396 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.78% of Myriad Genetics worth $3,325,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in MYGN. EverSource Wealth Advisors LLC lifted its holdings in Myriad Genetics by 2,333.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company's stock valued at $25,000 after purchasing an additional 4,480 shares in the last quarter. Quarry LP raised its position in shares of Myriad Genetics by 155.6% in the fourth quarter. Quarry LP now owns 4,365 shares of the company's stock valued at $27,000 after buying an additional 2,657 shares during the last quarter. Royal Bank of Canada boosted its position in Myriad Genetics by 129.6% during the fourth quarter. Royal Bank of Canada now owns 4,993 shares of the company's stock worth $31,000 after acquiring an additional 2,818 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Myriad Genetics during the 2nd quarter valued at $37,000. Finally, American Century Companies Inc. acquired a new stake in shares of Myriad Genetics during the 2nd quarter worth $55,000. Hedge funds and other institutional investors own 99.02% of the company's stock.

Insider Activity

In related news, Director Rashmi Kumar sold 15,000 shares of the company's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $4.46, for a total value of $66,900.00. Following the completion of the sale, the director owned 171,889 shares of the company's stock, valued at $766,624.94. This represents a 8.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MYGN shares. TD Cowen cut their target price on Myriad Genetics from $6.00 to $4.00 and set a "hold" rating on the stock in a research report on Friday, July 31st. Weiss Ratings lowered Myriad Genetics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, July 30th. Wells Fargo & Company cut their price objective on Myriad Genetics from $5.50 to $3.00 and set an "equal weight" rating on the stock in a report on Monday, August 3rd. Wall Street Zen lowered Myriad Genetics from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, Zacks Research cut Myriad Genetics from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Myriad Genetics has a consensus rating of "Reduce" and a consensus price target of $5.38.

Myriad Genetics Stock Performance

Shares of Myriad Genetics stock opened at $3.23 on Thursday. The firm has a market cap of $308.95 million, a PE ratio of -2.71 and a beta of 1.69. Myriad Genetics, Inc. has a 1 year low of $2.74 and a 1 year high of $8.59. The firm's 50-day simple moving average is $4.95 and its 200-day simple moving average is $4.77. 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 (NASDAQ:MYGN - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates 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 net margin of 13.96% and a negative return on equity of 16.09%. Myriad Genetics's revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.05 earnings per share. Equities analysts forecast that Myriad Genetics, Inc. will post -0.62 earnings per share for the current fiscal year.

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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