Janney Montgomery Scott LLC Takes Position in Myriad Genetics, Inc. $MYGN

Key Points

• Janney Montgomery Scott LLC has acquired a new stake in Myriad Genetics, purchasing 163,591 shares valued at approximately $869,000, representing 0.18% of the company.
• Recent institutional investment activity includes significant increases from firms like Farther Finance Advisors LLC and CWM LLC, reflecting growing interest in Myriad Genetics.
• Despite these investments, analysts have an average rating of "Hold" on Myriad Genetics' stock, with a target price of $12.45, and Weiss Ratings reaffirmed a "sell" rating.

Janney Montgomery Scott LLC purchased a new stake in shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 163,591 shares of the company's stock, valued at approximately $869,000. Janney Montgomery Scott LLC owned 0.18% of Myriad Genetics as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of MYGN. Farther Finance Advisors LLC boosted its stake in Myriad Genetics by 6,192.9% during the second quarter. Farther Finance Advisors LLC now owns 5,349 shares of the company's stock valued at $28,000 after buying an additional 5,264 shares in the last quarter. GAMMA Investing LLC boosted 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 purchasing an additional 3,750 shares during the period. Pallas Capital Advisors LLC acquired a new position in shares of Myriad Genetics in the 2nd quarter valued at $57,000. State of Wyoming boosted its position in shares of Myriad Genetics by 147.0% in the 1st quarter. State of Wyoming now owns 8,641 shares of the company's stock valued at $77,000 after purchasing an additional 5,143 shares during the period. Finally, CWM LLC boosted 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 purchasing an additional 8,397 shares during the period. 99.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Myriad Genetics in a research note on Tuesday. Four research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Myriad Genetics currently has an average rating of "Hold" and an average target price of $12.45.

Myriad Genetics Stock Down 0.5%

MYGN opened at $7.80 on Wednesday. The firm has a market capitalization of $725.75 million, a P/E ratio of -1.82 and a beta of 1.97. The stock's 50 day moving average price is $6.88 and its two-hundred day moving average price is $6.09. Myriad Genetics, Inc. has a 12-month low of $3.76 and a 12-month high of $25.25.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last released its earnings results on Tuesday, January 16th. The company reported ($0.19) earnings per share (EPS) for the quarter. The business had revenue of $156.40 million during the quarter. Myriad Genetics had a negative net margin of 47.45% and a negative return on equity of 5.17%. Myriad Genetics has set its FY23 guidance at ($0.33)-($0.28) EPS. As a group, analysts anticipate that Myriad Genetics, Inc. will post -0.3 earnings per share for the current year.

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.

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