Man Group plc Takes Position in Myriad Genetics, Inc. $MYGN

Man Group plc acquired a new position in Myriad Genetics, Inc. (NASDAQ:MYGN) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 908,733 shares of the company’s stock, valued at approximately $5,189,000.

Other large investors have also made changes to their positions in the company. Alliancebernstein L.P. boosted its stake in Myriad Genetics by 1.8% during the 3rd quarter. Alliancebernstein L.P. now owns 101,234 shares of the company’s stock valued at $732,000 after purchasing an additional 1,784 shares during the period. Legal & General Group Plc increased its position in Myriad Genetics by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 237,688 shares of the company’s stock worth $1,262,000 after buying an additional 2,313 shares during the period. Quarry LP lifted its holdings in shares of Myriad Genetics by 155.6% during the fourth quarter. Quarry LP now owns 4,365 shares of the company’s stock worth $27,000 after buying an additional 2,657 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Myriad Genetics by 2.7% during the fourth quarter. Franklin Resources Inc. now owns 103,374 shares of the company’s stock worth $636,000 after buying an additional 2,714 shares during the last quarter. Finally, Royal Bank of Canada boosted its position in shares of Myriad Genetics by 129.6% in the fourth quarter. Royal Bank of Canada now owns 4,993 shares of the company’s stock valued at $31,000 after acquiring an additional 2,818 shares during the period. Institutional investors and hedge funds own 99.02% of the company’s stock.

Myriad Genetics Stock Performance

NASDAQ MYGN opened at $3.16 on Monday. Myriad Genetics, Inc. has a twelve month low of $2.74 and a twelve month high of $8.59. The company has a quick ratio of 1.98, a current ratio of 2.21 and a debt-to-equity ratio of 0.40. The stock has a market cap of $302.25 million, a P/E ratio of -2.66 and a beta of 1.69. The company’s 50-day simple moving average is $4.63 and its 200 day simple moving average is $4.57.

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

Insider Activity

In related news, Director Rashmi Kumar sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director owned 171,889 shares in the company, valued at $766,624.94. This trade represents a 8.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MYGN. Weiss Ratings downgraded shares of Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 30th. TD Cowen cut their target price on shares of Myriad Genetics from $6.00 to $4.00 and set a “hold” rating for the company in a research note on Friday, July 31st. Zacks Research downgraded shares of Myriad Genetics from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. Stephens decreased their price target on shares of Myriad Genetics from $5.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 18th. Finally, Wells Fargo & Company dropped their price objective on shares of Myriad Genetics from $5.50 to $3.00 and set an “equal weight” rating on the stock in a report on Monday, August 3rd. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $4.90.

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.