Wellington Management Group LLP Trims Stock Position in Myriad Genetics, Inc. $MYGN

Key Points

• Wellington Management Group LLP reduced its stake in Myriad Genetics by 23.5%, selling 1,412,334 shares and ending with approximately 4.98% ownership worth $40.73 million.
• Myriad Genetics' stock has seen significant price fluctuations, with a one-year low of $3.76 and a high of $29.30, currently trading at $6.02.
• Several analysts downgraded Myriad Genetics, including Wells Fargo and Scotiabank, reducing their target prices to $6.00, reflecting a cautious outlook on the company's stock performance.

Wellington Management Group LLP decreased its stake in shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Free Report) by 23.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,592,264 shares of the company's stock after selling 1,412,334 shares during the quarter. Wellington Management Group LLP owned approximately 4.98% of Myriad Genetics worth $40,733,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. GAMMA Investing LLC boosted its position in shares of Myriad Genetics by 520.8% during the 1st quarter. GAMMA Investing LLC now owns 4,470 shares of the company's stock worth $40,000 after acquiring an additional 3,750 shares in the last quarter. CWM LLC boosted its position in shares of Myriad Genetics by 600.2% during the 1st quarter. CWM LLC now owns 9,796 shares of the company's stock worth $87,000 after acquiring an additional 8,397 shares in the last quarter. M.E. Allison & CO. Inc. acquired a new position in shares of Myriad Genetics during the 1st quarter worth about $93,000. Blue Trust Inc. boosted its position in shares of Myriad Genetics by 57.0% during the 1st quarter. Blue Trust Inc. now owns 14,367 shares of the company's stock worth $127,000 after acquiring an additional 5,214 shares in the last quarter. Finally, Syon Capital LLC acquired a new position in shares of Myriad Genetics during the 4th quarter worth about $176,000. Hedge funds and other institutional investors own 99.02% of the company's stock.

Myriad Genetics Stock Up 2.4%

MYGN traded up $0.15 on Friday, hitting $6.37. 2,580,436 shares of the company traded hands, compared to its average volume of 2,319,967. The company has a 50 day moving average of $5.26 and a 200-day moving average of $6.99. The stock has a market capitalization of $592.66 million, a PE ratio of -1.49 and a beta of 1.89. Myriad Genetics, Inc. has a 12-month low of $3.76 and a 12-month high of $29.30.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Scotiabank cut Myriad Genetics from a "sector outperform" rating to a "sector perform" rating and lowered their price objective for the stock from $20.00 to $6.00 in a research report on Wednesday, May 21st. Wolfe Research cut Myriad Genetics from an "outperform" rating to a "peer perform" rating in a research report on Thursday, May 8th. Wall Street Zen cut 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. Finally, Raymond James Financial reissued an "outperform" rating and issued a $10.00 target price (down from $19.00) on shares of Myriad Genetics in a research report on Wednesday, May 7th. Four research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $12.45.

Myriad Genetics Company 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.