Essex Investment Management Co. LLC Sells 4,287 Shares of Myriad Genetics, Inc. (NASDAQ:MYGN)

Essex Investment Management Co. LLC cut its holdings in Myriad Genetics, Inc. (NASDAQ:MYGN) by 1.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 235,841 shares of the company’s stock after selling 4,287 shares during the period. Myriad Genetics makes up approximately 1.1% of Essex Investment Management Co. LLC’s investment portfolio, making the stock its 17th largest position. Essex Investment Management Co. LLC owned about 0.26% of Myriad Genetics worth $6,460,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Virtu Financial LLC acquired a new stake in shares of Myriad Genetics in the fourth quarter valued at approximately $428,000. Wellington Management Group LLP raised its stake in Myriad Genetics by 20.4% in the fourth quarter. Wellington Management Group LLP now owns 7,219,706 shares of the company’s stock valued at $138,185,000 after purchasing an additional 1,223,446 shares in the last quarter. Fisher Asset Management LLC lifted its position in Myriad Genetics by 10.7% during the fourth quarter. Fisher Asset Management LLC now owns 157,969 shares of the company’s stock worth $3,024,000 after purchasing an additional 15,313 shares during the period. Vanguard Group Inc. grew its stake in Myriad Genetics by 8.6% during the fourth quarter. Vanguard Group Inc. now owns 9,954,233 shares of the company’s stock worth $190,524,000 after buying an additional 789,496 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Myriad Genetics by 90.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,805 shares of the company’s stock worth $188,000 after acquiring an additional 4,193 shares during the period. 99.02% of the stock is owned by institutional investors.

Myriad Genetics Stock Performance

NASDAQ MYGN opened at $24.08 on Friday. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -8.54 and a beta of 1.91. Myriad Genetics, Inc. has a twelve month low of $13.82 and a twelve month high of $29.30. The stock has a fifty day simple moving average of $27.09 and a 200 day simple moving average of $24.54. The company has a quick ratio of 1.78, a current ratio of 1.96 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.06. Myriad Genetics had a negative return on equity of 5.64% and a negative net margin of 19.35%. The firm had revenue of $211.50 million during the quarter, compared to the consensus estimate of $206.44 million. During the same period last year, the business posted ($0.21) EPS. The business’s revenue was up 15.3% compared to the same quarter last year. Sell-side analysts expect that Myriad Genetics, Inc. will post -0.34 EPS for the current year.

Insider Transactions at Myriad Genetics

In related news, Director Heinrich Dreismann sold 10,000 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $27.05, for a total transaction of $270,500.00. Following the transaction, the director now owns 121,648 shares in the company, valued at $3,290,578.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Colleen F. Reitan sold 46,012 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the transaction, the director now directly owns 42,533 shares of the company’s stock, valued at $1,188,797.35. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the completion of the transaction, the director now owns 121,648 shares in the company, valued at approximately $3,290,578.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 71,012 shares of company stock valued at $1,900,485 in the last quarter. 2.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on MYGN shares. Morgan Stanley started coverage on Myriad Genetics in a research note on Thursday, September 19th. They issued an “equal weight” rating and a $32.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on shares of Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Wednesday, August 7th. Wells Fargo & Company initiated coverage on shares of Myriad Genetics in a research note on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 price objective for the company. TD Cowen raised their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Finally, Piper Sandler upped their price target on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $28.91.

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.