Susquehanna International Group LLP Trims Holdings in Myriad Genetics, Inc. $MYGN

Susquehanna International Group LLP reduced its position in shares of Myriad Genetics, Inc. (NASDAQ:MYGN) by 80.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 63,381 shares of the company’s stock after selling 260,138 shares during the period. Susquehanna International Group LLP owned 0.07% of Myriad Genetics worth $362,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Orbimed Advisors LLC acquired a new position in shares of Myriad Genetics in the first quarter valued at approximately $562,500,000. BlackRock Inc. acquired a new stake in Myriad Genetics during the second quarter worth approximately $62,184,000. Vanguard Group Inc. boosted its position in Myriad Genetics by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 8,225,371 shares of the company’s stock worth $50,586,000 after acquiring an additional 342,856 shares during the last quarter. Millennium Management LLC grew its stake in Myriad Genetics by 41.1% in the 4th quarter. Millennium Management LLC now owns 6,700,158 shares of the company’s stock worth $41,206,000 after acquiring an additional 1,951,831 shares during the period. Finally, State Street Corp grew its stake in Myriad Genetics by 19.9% in the 4th quarter. State Street Corp now owns 5,966,567 shares of the company’s stock worth $36,694,000 after acquiring an additional 990,075 shares during the period. 99.02% of the stock is owned by institutional investors and hedge funds.

Myriad Genetics Stock Performance

Shares of MYGN stock opened at $3.18 on Wednesday. The firm has a market capitalization of $304.17 million, a price-to-earnings ratio of -2.67 and a beta of 1.68. The company has a 50 day moving average price of $4.57 and a 200 day moving average price of $4.54. Myriad Genetics, Inc. has a one year low of $2.74 and a one year high of $8.59. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.98 and a current ratio of 2.21.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.19). The company had revenue of $190.70 million for the quarter, compared to analysts’ expectations of $206.03 million. Myriad Genetics had a negative net margin of 13.96% and a negative return on equity of 16.09%. The firm’s quarterly revenue was down 10.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.05 earnings per share. Sell-side analysts anticipate that Myriad Genetics, Inc. will post -0.99 EPS for the current year.

Insider Transactions at Myriad Genetics

In other Myriad Genetics news, Director Rashmi Kumar sold 15,000 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $4.46, for a total transaction of $66,900.00. Following the completion of the sale, the director directly owned 171,889 shares in the company, valued at $766,624.94. This represents a 8.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Stephens reduced their price target on Myriad Genetics from $5.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 18th. Weiss Ratings cut Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, July 30th. Wells Fargo & Company lowered their price objective on Myriad Genetics from $5.50 to $3.00 and set an “equal weight” rating for the company in a research report on Monday, August 3rd. Piper Sandler lowered Myriad Genetics from an “overweight” rating to an “underweight” rating and set a $2.00 target price for the company. in a research note on Tuesday. Finally, TD Cowen reduced their target price on Myriad Genetics from $6.00 to $4.00 and set a “hold” rating on the stock in a research report on Friday, July 31st. Four investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $3.60.

About Myriad Genetics

Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.