Knott David M Jr Acquires Shares of 160,000 Myriad Genetics, Inc. (NASDAQ:MYGN)

Key Points

• David M. Knott Jr. invested approximately $1.42 million in Myriad Genetics by acquiring 160,000 shares, making it his 23rd largest holding in an investment portfolio.
• Myriad Genetics has seen significant investor interest, with 99.02% of its stock owned by institutional investors, and several hedge funds increased their stakes during the first quarter.
• Recent analyst ratings for Myriad Genetics include downgrades from Piper Sandler and Wells Fargo, with a current average price target of $12.45 and a general rating of "Hold."

Knott David M Jr purchased a new position in shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 160,000 shares of the company's stock, valued at approximately $1,419,000. Myriad Genetics accounts for approximately 0.7% of Knott David M Jr's holdings, making the stock its 23rd largest holding. Knott David M Jr owned 0.17% of Myriad Genetics as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Jennison Associates LLC increased its stake in Myriad Genetics by 3.0% during the 1st quarter. Jennison Associates LLC now owns 60,811 shares of the company's stock valued at $539,000 after buying an additional 1,796 shares during the period. Sterling Capital Management LLC grew its holdings in Myriad Genetics by 829.9% during 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 during the period. Natixis Advisors LLC grew its holdings in Myriad Genetics by 1.3% during 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 during the period. ProShare Advisors LLC increased its stake in Myriad Genetics by 12.2% in the 4th quarter. ProShare Advisors LLC now owns 26,982 shares of the company's stock worth $370,000 after purchasing an additional 2,933 shares in the last quarter. Finally, MetLife Investment Management LLC grew its stake in Myriad Genetics by 6.2% during the 4th quarter. MetLife Investment Management LLC now owns 54,931 shares of the company's stock valued at $753,000 after acquiring an additional 3,231 shares in the last quarter. Institutional investors and hedge funds own 99.02% of the company's stock.

Myriad Genetics Price Performance

Shares of NASDAQ:MYGN traded down $0.13 during trading on Friday, hitting $5.76. 530,918 shares of the company's stock were exchanged, compared to its average volume of 1,753,425. Myriad Genetics, Inc. has a 52-week low of $3.76 and a 52-week high of $29.30. The business's 50-day simple moving average is $5.08 and its 200 day simple moving average is $7.50. The company has a market cap of $535.72 million, a price-to-earnings ratio of -1.35 and a beta of 1.89.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Wells Fargo & Company cut shares of Myriad Genetics from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $22.00 to $6.00 in a research report on Wednesday, May 7th. The Goldman Sachs Group lowered their target price on Myriad Genetics from $14.00 to $8.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. UBS Group decreased their price objective on Myriad Genetics from $16.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Raymond James Financial restated an "outperform" rating and set a $10.00 price objective (down previously from $19.00) on shares of Myriad Genetics in a report on Wednesday, May 7th. Finally, Scotiabank downgraded shares of Myriad Genetics from a "sector outperform" rating to a "sector perform" rating and dropped their price target for the company from $20.00 to $6.00 in a research note on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $12.45.

Myriad Genetics Company 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.