Knott David M Jr Invests $1.42 Million in 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 bought a new stake 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 and Exchange Commission. The firm bought 160,000 shares of the company's stock, valued at approximately $1,419,000. Myriad Genetics comprises about 0.7% of Knott David M Jr's investment portfolio, making the stock its 23rd largest holding. Knott David M Jr owned about 0.17% of Myriad Genetics as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Nuveen LLC bought a new position in Myriad Genetics during the 1st quarter worth approximately $10,437,000. D. E. Shaw & Co. Inc. boosted its stake in shares of Myriad Genetics by 58.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,819,814 shares of the company's stock valued at $24,950,000 after purchasing an additional 668,429 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Myriad Genetics by 67.8% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 921,911 shares of the company's stock valued at $8,177,000 after purchasing an additional 372,455 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Myriad Genetics by 87.4% in the fourth quarter. Renaissance Technologies LLC now owns 684,874 shares of the company's stock worth $9,390,000 after purchasing an additional 319,500 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Myriad Genetics by 37.9% in the fourth quarter. Invesco Ltd. now owns 769,284 shares of the company's stock worth $10,547,000 after buying an additional 211,503 shares during the period. 99.02% of the stock is owned by institutional investors.

Myriad Genetics Price Performance

Shares of Myriad Genetics stock opened at $6.32 on Monday. Myriad Genetics, Inc. has a 1 year low of $3.76 and a 1 year high of $29.30. The firm has a market cap of $588.01 million, a price-to-earnings ratio of -1.48 and a beta of 1.89. The company has a 50-day moving average of $5.00 and a 200 day moving average of $7.62.

Analyst Upgrades and Downgrades

MYGN has been the subject of several analyst reports. Piper Sandler dropped their price target on shares of Myriad Genetics from $12.50 to $9.00 and set an "overweight" rating for the company in a research report on Thursday, May 15th. Wall Street Zen cut Myriad Genetics from a "buy" rating to a "hold" rating in a research note on Thursday, May 8th. Wells Fargo & Company downgraded Myriad Genetics from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $22.00 to $6.00 in a report on Wednesday, May 7th. Craig Hallum set a $18.00 price objective on Myriad Genetics and gave the stock a "buy" rating in a report on Wednesday, May 7th. Finally, The Goldman Sachs Group reduced their price objective on shares of Myriad Genetics from $14.00 to $8.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Myriad Genetics currently has an average rating of "Hold" and an average price target of $12.45.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.