Fifth Third Bancorp Has $412,000 Stake in Myriad Genetics, Inc. (NASDAQ:MYGN)

Fifth Third Bancorp trimmed its position in shares of Myriad Genetics, Inc. (NASDAQ:MYGN) by 16.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 46,489 shares of the company’s stock after selling 8,826 shares during the quarter. Fifth Third Bancorp owned 0.05% of Myriad Genetics worth $412,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of MYGN. D. E. Shaw & Co. Inc. grew its holdings in Myriad Genetics by 58.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,819,814 shares of the company’s stock worth $24,950,000 after buying an additional 668,429 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Myriad Genetics by 377.6% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 549,456 shares of the company’s stock worth $7,533,000 after buying an additional 434,420 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in Myriad Genetics by 13.9% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,766,729 shares of the company’s stock worth $37,932,000 after buying an additional 336,770 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Myriad Genetics by 87.4% during the fourth quarter. Renaissance Technologies LLC now owns 684,874 shares of the company’s stock worth $9,390,000 after buying an additional 319,500 shares in the last quarter. Finally, Fisher Asset Management LLC grew its holdings in Myriad Genetics by 50.2% during the fourth quarter. Fisher Asset Management LLC now owns 905,209 shares of the company’s stock worth $12,410,000 after buying an additional 302,367 shares in the last quarter. Institutional investors own 99.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MYGN. Bank of America decreased their price target on Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating for the company in a report on Monday, March 3rd. Raymond James Financial restated an “outperform” rating and issued a $10.00 price objective (down previously from $19.00) on shares of Myriad Genetics in a research note on Wednesday, May 7th. Wells Fargo & Company downgraded Myriad Genetics from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $22.00 to $6.00 in a research note on Wednesday, May 7th. Scotiabank downgraded Myriad Genetics from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $20.00 to $6.00 in a research note on Wednesday, May 21st. Finally, The Goldman Sachs Group reduced their price objective on Myriad Genetics from $14.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Myriad Genetics currently has a consensus rating of “Hold” and an average price target of $14.38.

Myriad Genetics Stock Up 1.2%

MYGN stock opened at $4.98 on Wednesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.71 and a current ratio of 1.90. The company has a market capitalization of $459.06 million, a price-to-earnings ratio of -4.45 and a beta of 1.84. Myriad Genetics, Inc. has a fifty-two week low of $3.81 and a fifty-two week high of $29.30. The stock has a fifty day moving average of $5.74 and a 200-day moving average of $10.05.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $195.90 million during the quarter, compared to the consensus estimate of $200.37 million. Myriad Genetics had a negative return on equity of 4.95% and a negative net margin of 12.20%. The firm’s quarterly revenue was down 33.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.01) EPS. As a group, equities research analysts predict that Myriad Genetics, Inc. will post -0.3 earnings per share for the current year.

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.