Myriad Genetics, Inc. $MYGN Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 901,896 Myriad Genetics shares worth approximately $5.15 million, taking a 0.94% stake. Institutional investors collectively own 99.02% of the company.
• Myriad Genetics reported weaker-than-expected quarterly results, with a loss of $0.25 per share versus the expected $0.06 loss and revenue of $190.7 million versus the $206.03 million consensus estimate. Revenue fell 10.5% year over year.
• Analyst sentiment remains bearish: the stock carries a consensus “Reduce” rating and an average price target of $3.12, below its reported opening price of $4.24.

Bank of America Corp DE bought a new position in shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 901,896 shares of the company's stock, valued at approximately $5,150,000. Bank of America Corp DE owned 0.94% of Myriad Genetics at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Orbimed Advisors LLC purchased a new position in shares of Myriad Genetics in the first quarter valued at about $562,500,000. BlackRock Inc. purchased a new position in Myriad Genetics in the 2nd quarter worth approximately $62,184,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Myriad Genetics in the 2nd quarter worth approximately $8,039,000. Man Group plc bought a new position in Myriad Genetics in the 2nd quarter worth approximately $5,189,000. Finally, Bank of New York Mellon Corp purchased a new stake in Myriad Genetics during the 2nd quarter valued at approximately $1,930,000. Hedge funds and other institutional investors own 99.02% of the company's stock.

Myriad Genetics Stock Up 1.7%

Shares of NASDAQ:MYGN opened at $4.24 on Tuesday. The business's 50 day moving average is $3.73 and its 200 day moving average is $4.40. The stock has a market cap of $405.56 million, a P/E ratio of -3.56 and a beta of 1.68. Myriad Genetics, Inc. has a 52-week low of $2.74 and a 52-week high of $8.59. The company has a quick ratio of 1.98, a current ratio of 2.21 and a debt-to-equity ratio of 0.40.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last issued its 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 firm 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 company's revenue for the quarter was down 10.5% on a year-over-year basis. During the same period last year, the firm earned $0.05 earnings per share. Sell-side analysts predict that Myriad Genetics, Inc. will post -0.99 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Weiss Ratings cut shares of Myriad Genetics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, July 30th. Piper Sandler lowered shares of Myriad Genetics from an "overweight" rating to an "underweight" rating and dropped their target price for the stock from $5.45 to $2.00 in a research report on Tuesday, September 1st. Wall Street Zen cut shares of Myriad Genetics from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. UBS Group initiated coverage on Myriad Genetics in a report on Wednesday, September 9th. They set a "neutral" rating and a $3.60 price target for the company. Finally, Stephens reduced their target price on shares of Myriad Genetics from $5.00 to $3.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 18th. Four analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $3.12.

Myriad Genetics Profile

Myriad Genetics, Inc is a molecular diagnostics company that develops and provides genetic tests designed to help healthcare providers assess disease risk, guide treatment decisions and support personalized care. The company serves physicians, health systems, pharmaceutical companies and patients, with a focus on areas including hereditary cancer, precision oncology, pharmacogenomics and women's health.

Its portfolio includes hereditary cancer testing, such as MyRisk, and oncology tests that analyze tumor biology to help inform treatment planning.

Want to see what other hedge funds are holding MYGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.