Myriad Genetics (NASDAQ:MYGN) Shares Down 5.2% - Should You Sell?

Key Points

• Myriad Genetics shares experienced a significant drop of 5.2% on Monday, trading down to $7.30 after closing at $7.70.
• Institutional investors own 99.02% of Myriad Genetics' stock, with notable recent investments from several hedge funds totaling millions in new positions.
• The company has a market capitalization of $673.61 million and a negative PE ratio of -1.69, indicating potential financial difficulties.

Myriad Genetics, Inc. (NASDAQ:MYGN - ) shares fell 5.2% during trading on Monday . The stock traded as low as $7.32 and last traded at $7.30. 345,953 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 1,710,734 shares. The stock had previously closed at $7.70.

Myriad Genetics Stock Down 6.0%

The company's fifty day simple moving average is $6.06 and its 200 day simple moving average is $6.24. The firm has a market capitalization of $673.61 million, a PE ratio of -1.69 and a beta of 1.92.

Hedge Funds Weigh In On Myriad Genetics

A number of institutional investors and hedge funds have recently made changes to their positions in MYGN. Kent Lake PR LLC bought a new position in shares of Myriad Genetics during the second quarter valued at approximately $6,638,000. Nuveen LLC bought a new stake in shares of Myriad Genetics during the first quarter valued at approximately $10,437,000. Federated Hermes Inc. increased its position in shares of Myriad Genetics by 103,916.0% during the second quarter. Federated Hermes Inc. now owns 1,122,333 shares of the company's stock valued at $5,960,000 after acquiring an additional 1,121,254 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Myriad Genetics during the second quarter valued at approximately $5,139,000. Finally, Glenview Capital Management LLC increased its position in shares of Myriad Genetics by 17.6% during the second quarter. Glenview Capital Management LLC now owns 4,587,407 shares of the company's stock valued at $24,359,000 after acquiring an additional 687,857 shares in the last quarter. Institutional investors own 99.02% of the company's stock.

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.

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