Earnest Partners LLC cut its position in Myriad Genetics, Inc. (NASDAQ: MYGN – Get Rating) by 49.7% during the 4th quarter, according to the company in its latest filing with the Securities & Exchange Commission. The fund owned 3,304,456 shares of the company after selling 3,265,946 shares during the quarter. Earnest Partners LLC owned approximately 4.08% of Myriad Genetics valued at $47,948,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares in the company. Price T Rowe Associates Inc. MD increased its position in Myriad Genetics by 1.6% in the second quarter. Price T Rowe Associates Inc. MD now owns 33,334 shares of the company valued at $606,000 after purchasing an additional 509 shares during the most recent quarter. The Royal Bank of Canada increased its holding in Myriad Genetics shares by 29.0% during the third quarter. The Royal Bank of Canada now owns 2,339 shares of the company worth $44,000 after buying another 526 shares in the recent quarter. US Bancorp DE increased its holding in Myriad Genetics shares by 14.6% during the first quarter. US Bancorp DE now owns 4,243 shares of the company worth $108,000 after buying another 541 shares in the recent quarter. The Alaska State Department of Revenue increased its holding in Myriad Genetics stock by 1.1% during the fourth quarter. The Alaska State Department of Revenue now owns 56,426 shares of the company valued at $818,000 after buying another 600 shares in the recent quarter. Finally, Credit Suisse AG increased its holding in Myriad Genetics shares by 0.7% during the third quarter. Credit Suisse AG now owns 125,751 shares of the company worth $2,399,000 after buying another 863 shares in the recent quarter. 99.08% of the stock is currently held by institutional investors.
Insider transactions at Myriad Genetics
In other news, COO Nicole Lambert sold 6,433 shares of Myriad Genetics in a deal on Monday, March 27. The shares sold at an average price of $23.48, for a total value of $151,046.84. As a result of the transaction, the chief operating officer now directly owns 240,506 shares of the company, valued at $5,647,080.88. The transaction was disclosed in a legal filing with the SEC, accessible via this hyperlink. In related news, Chief Executive Daniel K. Spiegelman sold 8,638 shares of the company in a deal that occurred on Friday, June 2. The shares sold at an average price of $23.01, for a total transaction of $198,760.38. As a result of the transaction, the director now directly owns 40,493 shares of the company, valued at $931,743.93. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via the SEC’s website. Additionally, COO Nicole Lambert sold 6,433 shares of the company in a transaction that took place on Monday, March 27. The shares sold at an average price of $23.48, for a total transaction of $151,046.84. As a result of the transaction, the chief operating officer now directly owns 240,506 shares of the company, valued at $5,647,080.88. Disclosure for this sale is available here. 2.00% of the shares are currently owned by insiders.
Changes to Analyst Ratings
Several analysts have commented on the stock. Raymond James raised Myriad Genetics’ share price target from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, March 3. Goldman Sachs Group upgraded shares of Myriad Genetics from a “sell” rating to a “buy” rating and raised their price target for the stock from $18.00 to $25.00 in a research report Tuesday May 23rd. StockNews.com began covering Myriad Genetics’ stock in a research report on Thursday, May 18. They have set a “hold” rating on the stock. Finally, Stephens raised its price target on shares of Myriad Genetics from $17.00 to $24.00 on Monday, March 6, and gave the stock an “equal weight” rating in a research note. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average valuation of “Hold” and an average target price of $26.60.
Myriad Genetics Price Performance
Shares of MYGN opened at $23.41 on Wednesday. The company’s 50-day moving average is $21.51 and its 200-day moving average is $20.24. The stock has a market cap of $1.91 billion, a P/E ratio of -13.01, and a beta of 1.81. Myriad Genetics, Inc. has a 12-month low of $13.92 and a 12-month high of $28.18.
Myriad Genetics (NASDAQ: MYGN – Get Rating) last released its earnings results on Wednesday, May 3. The company reported ($0.21) earnings per share for the quarter, missing the ($0.02) consensus estimate of ($0.19). The company reported revenue of $181.20 million during the quarter, compared to analyst expectations of $171.56 million. Myriad Genetics had a negative return on equity of 7.42% and a negative net margin of 21.05%. The company’s revenues increased 9.9% year over year. In the same period last year, the company earned ($0.14) earnings per share. As a group, equity research analysts expect Myriad Genetics, Inc. to post -0.63 EPS for the current fiscal year.
About a myriad of genetics
Myriad Genetics, Inc is committed to the discovery, development and commercialization of transformative molecular diagnostic tests. It operates through the Diagnostics and Other segments. The Diagnostics segment provides testing and collaborative development of tests designed to assess an individual’s risk of developing disease later in life.
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