Envestnet Asset Management Inc. Cuts Stake in Myriad Genetics, Inc. (NASDAQ:MYGN)

Envestnet Asset Management Inc. cut its holdings in Myriad Genetics, Inc. (NASDAQ:MYGN) by 11.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 76,027 shares of the company’s stock after selling 9,351 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.08% of Myriad Genetics worth $1,042,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in shares of Myriad Genetics by 14.1% during the fourth quarter. Blue Trust Inc. now owns 14,451 shares of the company’s stock valued at $198,000 after buying an additional 1,788 shares during the last quarter. Swiss National Bank raised its stake in shares of Myriad Genetics by 1.0% during the 4th quarter. Swiss National Bank now owns 178,600 shares of the company’s stock worth $2,449,000 after acquiring an additional 1,800 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Myriad Genetics by 0.4% during the fourth quarter. Bank of New York Mellon Corp now owns 646,003 shares of the company’s stock valued at $8,857,000 after acquiring an additional 2,256 shares during the last quarter. KBC Group NV boosted its stake in Myriad Genetics by 132.8% in the fourth quarter. KBC Group NV now owns 5,845 shares of the company’s stock valued at $80,000 after acquiring an additional 3,334 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in Myriad Genetics by 12.8% in the fourth quarter. Handelsbanken Fonder AB now owns 30,788 shares of the company’s stock worth $422,000 after purchasing an additional 3,500 shares during the last quarter. 99.02% of the stock is currently owned by institutional investors.

Myriad Genetics Price Performance

Shares of MYGN opened at $7.13 on Friday. The business’s 50-day moving average is $8.97 and its two-hundred day moving average is $13.29. The company has a market capitalization of $657.18 million, a P/E ratio of -5.48 and a beta of 1.87. Myriad Genetics, Inc. has a fifty-two week low of $6.94 and a fifty-two week high of $29.30. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90.

Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Tuesday, February 25th. The company reported ($0.09) EPS 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 for the quarter, compared to analyst estimates of $210.35 million. During the same period last year, the business earned ($0.12) earnings per share. Research analysts predict that Myriad Genetics, Inc. will post -0.3 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MYGN. The Goldman Sachs Group lowered their price objective on Myriad Genetics from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Craig Hallum began coverage on Myriad Genetics in a report on Wednesday, February 12th. They issued a “buy” rating and a $29.00 price target for the company. Guggenheim downgraded shares of Myriad Genetics from a “buy” rating to a “neutral” rating in a report on Wednesday, April 9th. Bank of America lowered their target price on shares of Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating for the company in a research note on Monday, March 3rd. Finally, Stephens restated an “equal weight” rating and set a $20.00 price target on shares of Myriad Genetics in a research note on Thursday, January 16th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Myriad Genetics presently 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.