Invesco Ltd. Raises Stock Holdings in Myriad Genetics, Inc. $MYGN

Key Points

• Invesco Ltd. increased its stake in Myriad Genetics, Inc. by 19.1% during the first quarter, now holding 916,520 shares worth approximately $8.13 million.
• The stock of Myriad Genetics has declined by 2.2% recently, trading at $5.89, with a 52-week range of $3.76 to $29.30.
• Analysts have shown a bearish sentiment, with several firms lowering their price targets, resulting in a consensus rating of "Hold" and a target price of $12.45 for the stock.

Invesco Ltd. increased its position in Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 19.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 916,520 shares of the company's stock after buying an additional 147,236 shares during the quarter. Invesco Ltd. owned 0.99% of Myriad Genetics worth $8,130,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Jennison Associates LLC lifted its position in Myriad Genetics by 3.0% in the first quarter. Jennison Associates LLC now owns 60,811 shares of the company's stock valued at $539,000 after purchasing an additional 1,796 shares during the last quarter. Natixis Advisors LLC lifted its position in Myriad Genetics by 1.3% in the first quarter. Natixis Advisors LLC now owns 212,138 shares of the company's stock valued at $1,882,000 after purchasing an additional 2,810 shares during the last quarter. ProShare Advisors LLC lifted its position in Myriad Genetics by 12.2% in the fourth quarter. ProShare Advisors LLC now owns 26,982 shares of the company's stock valued at $370,000 after purchasing an additional 2,933 shares during the last quarter. MetLife Investment Management LLC lifted its position in Myriad Genetics by 6.2% in the fourth quarter. MetLife Investment Management LLC now owns 54,931 shares of the company's stock valued at $753,000 after purchasing an additional 3,231 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Myriad Genetics by 520.8% in the first quarter. GAMMA Investing LLC now owns 4,470 shares of the company's stock valued at $40,000 after purchasing an additional 3,750 shares during the last quarter. Institutional investors own 99.02% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MYGN. Wall Street Zen downgraded Myriad Genetics from a "buy" rating to a "hold" rating in a research report on Thursday, May 8th. Piper Sandler lowered their price objective on Myriad Genetics from $12.50 to $9.00 and set an "overweight" rating for the company in a research report on Thursday, May 15th. Craig Hallum set a $18.00 price objective on Myriad Genetics and gave the company a "buy" rating in a research report on Wednesday, May 7th. Raymond James Financial reissued an "outperform" rating and set a $10.00 target price (down from $19.00) on shares of Myriad Genetics in a research note on Wednesday, May 7th. Finally, Wolfe Research cut Myriad Genetics from an "outperform" rating to a "peer perform" rating in a research note on Thursday, May 8th. Four equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Myriad Genetics currently has a consensus rating of "Hold" and an average price target of $12.45.

Myriad Genetics Stock Up 2.4%

Shares of MYGN traded up $0.15 during mid-day trading on Friday, hitting $6.37. 2,580,436 shares of the company's stock traded hands, compared to its average volume of 2,378,762. Myriad Genetics, Inc. has a 1 year low of $3.76 and a 1 year high of $29.30. The firm has a market capitalization of $592.66 million, a P/E ratio of -1.49 and a beta of 1.92. The business's 50-day moving average price is $5.26 and its 200-day moving average price is $6.89.

Myriad Genetics 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.