Federated Hermes Inc. Lowers Stake in Myriad Genetics, Inc. (NASDAQ:MYGN)

Federated Hermes Inc. decreased its holdings in shares of Myriad Genetics, Inc. (NASDAQ:MYGN) by 84.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 8,600 shares of the company’s stock after selling 47,999 shares during the period. Federated Hermes Inc.’s holdings in Myriad Genetics were worth $118,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Jane Street Group LLC boosted its holdings in Myriad Genetics by 19.4% in the third quarter. Jane Street Group LLC now owns 121,181 shares of the company’s stock worth $3,319,000 after acquiring an additional 19,684 shares in the last quarter. Barclays PLC grew its position in Myriad Genetics by 136.9% during the 3rd quarter. Barclays PLC now owns 190,243 shares of the company’s stock valued at $5,210,000 after purchasing an additional 109,931 shares during the last quarter. Geode Capital Management LLC raised its holdings in Myriad Genetics by 1.0% in the third quarter. Geode Capital Management LLC now owns 2,154,035 shares of the company’s stock worth $59,010,000 after buying an additional 21,220 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Myriad Genetics by 8.8% in the third quarter. Franklin Resources Inc. now owns 58,055 shares of the company’s stock worth $1,457,000 after buying an additional 4,710 shares in the last quarter. Finally, Nordea Investment Management AB increased its position in shares of Myriad Genetics by 117.0% during the fourth quarter. Nordea Investment Management AB now owns 332,913 shares of the company’s stock valued at $4,548,000 after acquiring an additional 179,527 shares in the last quarter. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on MYGN shares. Raymond James reiterated an “outperform” rating and set a $19.00 target price (down from $27.00) on shares of Myriad Genetics in a research note on Tuesday, February 25th. Piper Sandler raised Myriad Genetics from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $11.50 to $12.50 in a research report on Wednesday, March 12th. StockNews.com upgraded shares of Myriad Genetics from a “hold” rating to a “buy” rating in a research note on Thursday, April 10th. Scotiabank lowered their price objective on shares of Myriad Genetics from $24.00 to $20.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, April 1st. Finally, Craig Hallum started coverage on shares of Myriad Genetics in a research note on Wednesday, February 12th. They set a “buy” rating and a $29.00 target price for the company. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $20.61.

Myriad Genetics Stock Down 3.4 %

NASDAQ MYGN opened at $7.64 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. Myriad Genetics, Inc. has a 12 month low of $7.35 and a 12 month high of $29.30. The stock’s 50 day moving average is $10.24 and its 200 day moving average is $14.41. The stock has a market cap of $704.19 million, a PE ratio of -5.88 and a beta of 1.87.

Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.12). The company had revenue of $210.60 million for the quarter, compared to analysts’ expectations of $210.35 million. Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. During the same period in the previous year, the business posted ($0.12) earnings per share. Research analysts predict that Myriad Genetics, Inc. will post -0.3 EPS for the current fiscal 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.