Rhumbline Advisers Increases Position in Myriad Genetics, Inc. (NASDAQ:MYGN)

Rhumbline Advisers lifted its holdings in shares of Myriad Genetics, Inc. (NASDAQ:MYGN) by 4.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 268,974 shares of the company’s stock after acquiring an additional 11,282 shares during the quarter. Rhumbline Advisers owned 0.33% of Myriad Genetics worth $6,248,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Oppenheimer & Co. Inc. purchased a new stake in shares of Myriad Genetics during the first quarter worth about $364,000. New York Life Investment Management LLC increased its position in shares of Myriad Genetics by 12.7% during the fourth quarter. New York Life Investment Management LLC now owns 22,508 shares of the company’s stock worth $327,000 after acquiring an additional 2,535 shares during the last quarter. Landscape Capital Management L.L.C. acquired a new position in Myriad Genetics in the fourth quarter worth about $2,217,000. Glenview Capital Management LLC grew its stake in Myriad Genetics by 112.0% in the fourth quarter. Glenview Capital Management LLC now owns 3,097,768 shares of the company’s stock worth $44,949,000 after purchasing an additional 1,636,284 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Myriad Genetics in the fourth quarter worth about $160,000. 99.02% of the stock is owned by hedge funds and other institutional investors.

Myriad Genetics Stock Performance

Shares of MYGN stock opened at $17.16 on Thursday. The company has a quick ratio of 1.23, a current ratio of 1.33 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average of $20.11 and a two-hundred day moving average of $21.22. Myriad Genetics, Inc. has a 52 week low of $13.92 and a 52 week high of $24.21. The company has a market cap of $1.41 billion, a P/E ratio of -5.64 and a beta of 1.78.

Myriad Genetics (NASDAQ:MYGN) last issued its earnings results on Thursday, August 3rd. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). Myriad Genetics had a negative return on equity of 9.43% and a negative net margin of 35.51%. The company had revenue of $183.50 million during the quarter, compared to the consensus estimate of $187.16 million. During the same period in the previous year, the firm posted ($0.06) earnings per share. Myriad Genetics’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, analysts anticipate that Myriad Genetics, Inc. will post -0.63 EPS for the current year.

Analysts Set New Price Targets

MYGN has been the subject of a number of research reports. The Goldman Sachs Group lifted their price target on Myriad Genetics from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Friday, July 21st. JPMorgan Chase & Co. decreased their price target on Myriad Genetics from $18.00 to $17.00 and set an “underweight” rating for the company in a research note on Monday, August 7th. Finally, StockNews.com initiated coverage on Myriad Genetics in a research note on Thursday, August 17th. They issued a “hold” rating for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Myriad Genetics currently has a consensus rating of “Hold” and an average price target of $24.20.

Myriad Genetics 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 mental health applications. 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, or 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.