Man Group plc Takes $5.19 Million Position in Myriad Genetics, Inc. $MYGN

Key Points

• Man Group plc acquired 908,733 shares of Myriad Genetics worth approximately $5.19 million, representing a 0.95% stake. Institutional investors and hedge funds collectively own 99.02% of the company.
• Analysts have become more bearish, with several firms cutting price targets and downgrading the stock. Myriad has an average “Reduce” rating and a consensus price target of $4.90.
• Myriad reported a quarterly loss of $0.25 per share, significantly missing the $0.06 consensus estimate, while revenue fell 10.5% year over year to $190.7 million.

Man Group plc purchased a new stake in shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 908,733 shares of the company's stock, valued at approximately $5,189,000. Man Group plc owned 0.95% of Myriad Genetics at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of MYGN. Hsbc Holdings PLC acquired a new stake in Myriad Genetics during the 2nd quarter worth about $61,000. Canada Pension Plan Investment Board acquired a new position in shares of Myriad Genetics in the 2nd quarter valued at about $790,000. Legal & General Group Plc purchased a new stake in shares of Myriad Genetics in the second quarter worth approximately $120,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Myriad Genetics in the second quarter worth approximately $144,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Myriad Genetics during the second quarter worth approximately $8,039,000. 99.02% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. TD Cowen lowered their price objective on shares of 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 downgraded shares of Myriad Genetics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, July 30th. Wells Fargo & Company decreased their target price on shares of Myriad Genetics from $5.50 to $3.00 and set an "equal weight" rating for the company in a research note on Monday, August 3rd. Zacks Research downgraded shares of Myriad Genetics from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 4th. Finally, Wall Street Zen lowered Myriad Genetics from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus price target of $4.90.

Myriad Genetics Stock Performance

MYGN stock opened at $3.16 on Monday. The company has a quick ratio of 1.98, a current ratio of 2.21 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $302.25 million, a price-to-earnings ratio of -2.66 and a beta of 1.69. Myriad Genetics, Inc. has a 12 month low of $2.74 and a 12 month high of $8.59. The firm has a 50 day moving average of $4.63 and a two-hundred day moving average of $4.57.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last released 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 business had revenue of $190.70 million for 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%. The firm's revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.05 EPS. As a group, equities analysts anticipate that Myriad Genetics, Inc. will post -0.99 EPS for the current fiscal year.

Insider Buying and Selling at Myriad Genetics

In other news, Director Rashmi Kumar sold 15,000 shares of the company's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $4.46, for a total transaction of $66,900.00. Following the completion of the sale, the director owned 171,889 shares in the company, valued at approximately $766,624.94. This represents a 8.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.90% of the stock is owned by corporate insiders.

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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