Point72 Asset Management L.P. Cuts Stock Holdings in Myriad Genetics, Inc. (NASDAQ:MYGN)

Point72 Asset Management L.P. lessened its holdings in shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 67.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 348,604 shares of the company's stock after selling 715,107 shares during the period. Point72 Asset Management L.P. owned approximately 0.38% of Myriad Genetics worth $4,779,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MYGN. Sterling Capital Management LLC raised its stake in Myriad Genetics by 829.9% in the 4th quarter. Sterling Capital Management LLC now owns 2,864 shares of the company's stock worth $39,000 after acquiring an additional 2,556 shares during the last quarter. KBC Group NV grew its position in shares of Myriad Genetics by 132.8% during the 4th quarter. KBC Group NV now owns 5,845 shares of the company's stock valued at $80,000 after acquiring an additional 3,334 shares during the period. Inspire Advisors LLC grew its position in shares of Myriad Genetics by 48.1% during the 4th quarter. Inspire Advisors LLC now owns 11,226 shares of the company's stock valued at $154,000 after acquiring an additional 3,644 shares during the period. E Fund Management Co. Ltd. acquired a new stake in shares of Myriad Genetics during the 4th quarter valued at about $161,000. Finally, Syon Capital LLC acquired a new stake in Myriad Genetics in the 4th quarter worth about $176,000. Hedge funds and other institutional investors own 99.02% of the company's stock.

Myriad Genetics Trading Down 0.5%

Shares of MYGN stock traded down $0.02 during trading on Friday, hitting $3.91. 1,612,907 shares of the stock traded hands, compared to its average volume of 1,141,813. The firm has a market capitalization of $360.41 million, a P/E ratio of -3.01 and a beta of 2.01. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. The firm's fifty day moving average price is $7.15 and its 200-day moving average price is $11.33. Myriad Genetics, Inc. has a 52-week low of $3.81 and a 52-week high of $29.30.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. The firm had revenue of $195.90 million for the quarter, compared to analyst estimates of $200.37 million. Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. The business's revenue for the quarter was down 33.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.01) EPS. As a group, research analysts forecast that Myriad Genetics, Inc. will post -0.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. 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. Guggenheim cut Myriad Genetics from a "buy" rating to a "neutral" rating in a report on Wednesday, April 9th. Raymond James reiterated an "outperform" rating and issued a $10.00 price objective (down from $19.00) on shares of Myriad Genetics in a report on Wednesday, May 7th. Piper Sandler lowered their price objective on Myriad Genetics from $12.50 to $9.00 and set an "overweight" rating on the stock in a report on Thursday, May 15th. Finally, UBS Group lowered their price objective on Myriad Genetics from $16.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Myriad Genetics has an average rating of "Hold" and a consensus price target of $14.79.

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.