Orbimed Advisors LLC Purchases Shares of 125,000,000 Myriad Genetics, Inc. $MYGN

Orbimed Advisors LLC purchased a new position in Myriad Genetics, Inc. (NASDAQ:MYGN) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 125,000,000 shares of the company’s stock, valued at approximately $562,500,000. Myriad Genetics accounts for 10.3% of Orbimed Advisors LLC’s investment portfolio, making the stock its biggest position. Orbimed Advisors LLC owned approximately 132.35% of Myriad Genetics as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Millennium Management LLC boosted its holdings 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 buying an additional 1,951,831 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in Myriad Genetics by 157.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company’s stock worth $17,662,000 after buying an additional 1,492,405 shares in the last quarter. Kent Lake PR LLC bought a new stake in Myriad Genetics during the second quarter valued at about $6,638,000. Federated Hermes Inc. raised its holdings in Myriad Genetics by 103,916.0% during the second quarter. Federated Hermes Inc. now owns 1,122,333 shares of the company’s stock valued at $5,960,000 after acquiring an additional 1,121,254 shares during the period. Finally, State Street Corp raised its holdings in Myriad Genetics by 19.9% during the fourth quarter. State Street Corp now owns 5,966,567 shares of the company’s stock valued at $36,694,000 after acquiring an additional 990,075 shares during the period. 99.02% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on MYGN shares. TD Cowen dropped their price objective on Myriad Genetics from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Wednesday, May 6th. Wells Fargo & Company decreased their target price on Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Wednesday, May 6th. Finally, Weiss Ratings raised Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 14th. One investment 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $6.50.

Myriad Genetics Price Performance

Shares of MYGN stock opened at $5.61 on Monday. The company’s fifty day simple moving average is $4.99 and its two-hundred day simple moving average is $4.98. Myriad Genetics, Inc. has a 52 week low of $3.53 and a 52 week high of $8.59. The stock has a market cap of $529.86 million, a P/E ratio of -1.30 and a beta of 1.64. The company has a quick ratio of 2.19, a current ratio of 2.40 and a debt-to-equity ratio of 0.36.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $200.40 million for the quarter, compared to analysts’ expectations of $202.42 million. During the same quarter in the previous year, the business earned ($0.03) EPS. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. Analysts predict that Myriad Genetics, Inc. will post -0.17 EPS for the current fiscal year.

Insider Activity at Myriad Genetics

In other news, Director Paul Bisaro purchased 7,500 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was acquired 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 Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rashmi Kumar sold 15,000 shares of Myriad Genetics stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $4.46, for a total value of $66,900.00. Following the completion of the sale, the director directly owned 171,889 shares in the company, valued at approximately $766,624.94. The trade was a 8.03% decrease in their position. 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. Company insiders own 1.90% of the company’s stock.

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.