Orbimed Advisors LLC Purchases New Position in Myriad Genetics, Inc. $MYGN

Orbimed Advisors LLC purchased a new stake in Myriad Genetics, Inc. (NASDAQ:MYGN) in the first quarter, HoldingsChannel reports. The fund purchased 125,000,000 shares of the company’s stock, valued at approximately $562,500,000. Myriad Genetics comprises about 10.3% of Orbimed Advisors LLC’s investment portfolio, making the stock its biggest position. Orbimed Advisors LLC owned approximately 1.32% of Myriad Genetics at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in MYGN. Quarry LP raised its position in Myriad Genetics by 155.6% during the fourth quarter. Quarry LP now owns 4,365 shares of the company’s stock valued at $27,000 after purchasing an additional 2,657 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Myriad Genetics by 2,333.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company’s stock valued at $25,000 after purchasing an additional 4,480 shares during the last quarter. Royal Bank of Canada boosted its holdings in shares of Myriad Genetics by 129.6% in the 4th quarter. Royal Bank of Canada now owns 4,993 shares of the company’s stock worth $31,000 after purchasing an additional 2,818 shares during the period. Raymond James Financial Inc. bought a new position in shares of Myriad Genetics during the 2nd quarter valued at approximately $37,000. Finally, American Century Companies Inc. purchased a new stake in Myriad Genetics during the 2nd quarter valued at $55,000. 99.02% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MYGN has been the subject of a number of analyst reports. TD Cowen lowered their price target on Myriad Genetics from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. Weiss Ratings raised shares of Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 14th. Finally, Wells Fargo & Company lowered their target price on shares of Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.50.

Insiders Place Their Bets

In related news, Director Paul Bisaro acquired 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was bought at an average price of $3.69 per share, for a total transaction of $27,675.00. Following the acquisition, the director directly owned 97,441 shares of the company’s stock, valued at $359,557.29. This represents a 8.34% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Rashmi Kumar sold 15,000 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were 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 of the company’s stock, valued at approximately $766,624.94. This trade represents a 8.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.90% of the stock is currently owned by insiders.

Myriad Genetics Price Performance

Shares of MYGN stock opened at $5.61 on Monday. The stock has a 50 day moving average price of $4.99 and a 200 day moving average price of $4.98. Myriad Genetics, Inc. has a 52-week low of $3.53 and a 52-week high of $8.59. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.19 and a current ratio of 2.40. The firm has a market capitalization of $529.86 million, a P/E ratio of -1.30 and a beta of 1.64.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). Myriad Genetics had a negative net margin of 48.24% and a negative return on equity of 8.51%. The business had revenue of $200.40 million during the quarter, compared to the consensus estimate of $202.42 million. During the same period last year, the company earned ($0.03) EPS. The business’s revenue was up 2.3% compared to the same quarter last year. As a group, sell-side analysts predict that Myriad Genetics, Inc. will post -0.17 earnings per share for the current year.

Myriad Genetics Profile

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.