Principal Financial Group Inc. Lowers Stock Holdings in Myriad Genetics, Inc. (NASDAQ:MYGN)

Principal Financial Group Inc. cut its stake in shares of Myriad Genetics, Inc. (NASDAQ:MYGN) by 4.8% in the 3rd quarter, Holdings Channel reports. The fund owned 428,023 shares of the company’s stock after selling 21,583 shares during the quarter. Principal Financial Group Inc.’s holdings in Myriad Genetics were worth $11,724,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC boosted its holdings in shares of Myriad Genetics by 75.3% in the second quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock valued at $28,000 after acquiring an additional 491 shares in the last quarter. Innealta Capital LLC acquired a new stake in Myriad Genetics in the second quarter valued at about $36,000. GAMMA Investing LLC increased its position in Myriad Genetics by 34.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,620 shares of the company’s stock worth $44,000 after purchasing an additional 412 shares during the period. Point72 DIFC Ltd acquired a new position in Myriad Genetics during the 2nd quarter worth approximately $60,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Myriad Genetics by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,285 shares of the company’s stock worth $87,000 after buying an additional 583 shares in the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.

Myriad Genetics Stock Down 2.7 %

MYGN stock opened at $15.25 on Monday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. The company’s 50 day simple moving average is $23.43 and its 200-day simple moving average is $24.67. Myriad Genetics, Inc. has a 12 month low of $15.18 and a 12 month high of $29.30. The firm has a market capitalization of $1.39 billion, a PE ratio of -11.73 and a beta of 1.93.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Morgan Stanley began 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. upped their price target on shares of Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note 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. Piper Sandler lowered their target price on shares of Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating on the stock in a research report on Monday, November 11th. Finally, TD Cowen increased their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $28.36.

Insider Activity at Myriad Genetics

In other news, CEO Paul J. Diaz sold 15,000 shares of the business’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $22.93, for a total value of $343,950.00. Following the completion of the transaction, the chief executive officer now directly owns 962,378 shares of the company’s stock, valued at $22,067,327.54. The trade was a 1.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Heinrich Dreismann sold 10,000 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $27.05, for a total value of $270,500.00. Following the completion of the sale, the director now owns 121,648 shares in the company, valued at $3,290,578.40. This represents a 7.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 71,012 shares of company stock valued at $1,900,485. 2.10% of the stock is owned by corporate insiders.

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.