Myriad Genetics, Inc. $MYGN Shares Acquired by Vanguard Group Inc.

Key Points

• Vanguard Group increased its stake in Myriad Genetics by 4.3% in Q4, bringing its holdings to 8.23 million shares, or about 8.82% of the company.
• Myriad Genetics reported a wider-than-expected loss for the latest quarter, posting EPS of -$0.09 versus estimates of -$0.06, while revenue came in slightly below forecasts at $200.4 million.
• The stock has drawn a mixed but cautious analyst outlook: the consensus rating is Hold with an average price target of $6.40, even as insiders have been buying shares in recent months.

Vanguard Group Inc. increased its holdings in Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 4.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,225,371 shares of the company's stock after acquiring an additional 342,856 shares during the quarter. Vanguard Group Inc. owned approximately 8.82% of Myriad Genetics worth $50,586,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Aberdeen Group plc lifted its stake in shares of Myriad Genetics by 178.3% in the third quarter. Aberdeen Group plc now owns 639,053 shares of the company's stock worth $4,620,000 after acquiring an additional 409,460 shares in the last quarter. Royce & Associates LP acquired a new position in shares of Myriad Genetics in the third quarter worth about $4,844,000. AMH Equity Ltd lifted its stake in shares of Myriad Genetics by 33.3% in the third quarter. AMH Equity Ltd now owns 400,000 shares of the company's stock worth $2,892,000 after acquiring an additional 100,000 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of Myriad Genetics in the fourth quarter worth about $722,000. Finally, Cornerstone Investment Partners LLC acquired a new position in shares of Myriad Genetics in the third quarter worth about $207,000. Institutional investors and hedge funds own 99.02% of the company's stock.

Myriad Genetics Trading Down 1.1%

Shares of NASDAQ MYGN opened at $3.58 on Friday. The stock's 50 day moving average price is $4.65 and its two-hundred day moving average price is $5.69. Myriad Genetics, Inc. has a 52-week low of $3.57 and a 52-week high of $8.59. The stock has a market capitalization of $338.12 million, a P/E ratio of -0.83 and a beta of 1.81. The company has a quick ratio of 2.19, a current ratio of 2.40 and a debt-to-equity ratio of 0.36.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.03). Myriad Genetics had a negative net margin of 48.24% and a negative return on equity of 8.51%. The firm had revenue of $200.40 million for the quarter, compared to analyst estimates of $202.42 million. During the same quarter in the previous year, the company earned ($0.03) EPS. The company's quarterly revenue was up 2.3% compared to the same quarter last year. On average, analysts anticipate that Myriad Genetics, Inc. will post -0.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

MYGN has been the topic of several recent analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Myriad Genetics in a research note on Friday, March 27th. TD Cowen cut their price target on Myriad Genetics from $7.00 to $6.00 and set a "hold" rating on the stock in a research note on Wednesday, May 6th. Zacks Research upgraded Myriad Genetics from a "strong sell" rating to a "hold" rating in a research note on Thursday, February 26th. Wells Fargo & Company cut their price objective on Myriad Genetics from $6.00 to $5.50 and set an "equal weight" rating on the stock in a research note on Wednesday, May 6th. Finally, UBS Group cut their price objective on Myriad Genetics from $8.00 to $6.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 24th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Myriad Genetics presently has a consensus rating of "Hold" and an average price target of $6.40.

Insider Transactions at Myriad Genetics

In related news, Director S. Louise Phanstiel purchased 48,000 shares of the company's stock in a transaction dated Friday, February 27th. The shares were acquired at an average cost of $4.66 per share, for a total transaction of $223,680.00. Following the transaction, the director owned 281,951 shares of the company's stock, valued at $1,313,891.66. This trade represents a 20.52% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Samraat S. Raha purchased 40,000 shares of the company's stock in a transaction dated Monday, March 9th. The shares were bought at an average price of $5.00 per share, for a total transaction of $200,000.00. Following the completion of the transaction, the chief executive officer directly owned 493,104 shares in the company, valued at approximately $2,465,520. This trade represents a 8.83% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 152,007 shares of company stock worth $722,223. 1.90% of the stock is currently owned by company 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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