Myriad Genetics, Inc. (NASDAQ:MYGN) Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC lifted its stake in shares of Myriad Genetics, Inc. (NASDAQ:MYGN) by 87.4% during the 4th quarter, HoldingsChannel reports. The fund owned 684,874 shares of the company’s stock after acquiring an additional 319,500 shares during the period. Renaissance Technologies LLC’s holdings in Myriad Genetics were worth $9,390,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. raised its stake in Myriad Genetics by 377.6% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 549,456 shares of the company’s stock worth $7,533,000 after purchasing an additional 434,420 shares during the period. Artisan Partners Limited Partnership raised its position in shares of Myriad Genetics by 13.9% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,766,729 shares of the company’s stock worth $37,932,000 after buying an additional 336,770 shares during the period. Fisher Asset Management LLC boosted its holdings in Myriad Genetics by 50.2% in the fourth quarter. Fisher Asset Management LLC now owns 905,209 shares of the company’s stock valued at $12,410,000 after acquiring an additional 302,367 shares during the last quarter. Vanguard Group Inc. grew its position in Myriad Genetics by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 10,591,043 shares of the company’s stock valued at $145,203,000 after acquiring an additional 279,379 shares during the period. Finally, Invesco Ltd. grew its position in Myriad Genetics by 37.9% during the fourth quarter. Invesco Ltd. now owns 769,284 shares of the company’s stock valued at $10,547,000 after acquiring an additional 211,503 shares during the period. 99.02% of the stock is owned by institutional investors and hedge funds.

Myriad Genetics Stock Down 3.4 %

MYGN stock opened at $7.64 on Friday. The company has a market capitalization of $704.19 million, a P/E ratio of -5.88 and a beta of 1.87. The firm has a 50 day simple moving average of $10.34 and a 200-day simple moving average of $14.55. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. Myriad Genetics, Inc. has a twelve month low of $7.35 and a twelve month high of $29.30.

Myriad Genetics (NASDAQ:MYGN) last released its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.12). Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. The company had revenue of $210.60 million during the quarter, compared to the consensus estimate of $210.35 million. During the same period in the previous year, the firm posted ($0.12) EPS. On average, equities research analysts predict that Myriad Genetics, Inc. will post -0.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MYGN. UBS Group reduced their price objective on Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Piper Sandler upgraded shares of Myriad Genetics from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $11.50 to $12.50 in a research note on Wednesday, March 12th. Raymond James reissued an “outperform” rating and issued a $19.00 target price (down previously from $27.00) on shares of Myriad Genetics in a research note on Tuesday, February 25th. StockNews.com raised shares of Myriad Genetics from a “hold” rating to a “buy” rating in a research report on Thursday, April 10th. Finally, Guggenheim lowered Myriad Genetics from a “buy” rating to a “neutral” rating in a research report on Wednesday, April 9th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $20.61.

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.