Connor Clark & Lunn Investment Management Ltd. Grows Position in Myriad Genetics, Inc. $MYGN

Connor Clark & Lunn Investment Management Ltd. raised its position in Myriad Genetics, Inc. (NASDAQ:MYGN) by 50.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,387,832 shares of the company’s stock after buying an additional 465,921 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.51% of Myriad Genetics worth $7,369,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of MYGN. Jennison Associates LLC increased its holdings in shares of Myriad Genetics by 3.0% in the 1st quarter. Jennison Associates LLC now owns 60,811 shares of the company’s stock valued at $539,000 after acquiring an additional 1,796 shares during the period. Natixis Advisors LLC grew its position in Myriad Genetics by 1.3% during the 1st quarter. Natixis Advisors LLC now owns 212,138 shares of the company’s stock worth $1,882,000 after purchasing an additional 2,810 shares during the last quarter. State of Alaska Department of Revenue increased its stake in Myriad Genetics by 8.9% in the second quarter. State of Alaska Department of Revenue now owns 54,911 shares of the company’s stock valued at $291,000 after purchasing an additional 4,469 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of Myriad Genetics by 407.3% in the second quarter. Nisa Investment Advisors LLC now owns 5,773 shares of the company’s stock valued at $31,000 after buying an additional 4,635 shares during the last quarter. Finally, State of Wyoming boosted its stake in shares of Myriad Genetics by 147.0% during the first quarter. State of Wyoming now owns 8,641 shares of the company’s stock worth $77,000 after buying an additional 5,143 shares during the period. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

Myriad Genetics Price Performance

Shares of MYGN stock opened at $6.55 on Thursday. The business’s fifty day moving average price is $7.50 and its 200 day moving average price is $6.01. The firm has a market capitalization of $610.55 million, a PE ratio of -1.53 and a beta of 1.99. Myriad Genetics, Inc. has a 1-year low of $3.76 and a 1-year high of $16.83.

Myriad Genetics (NASDAQ:MYGN) last issued its earnings results on Tuesday, January 16th. The company reported ($0.19) EPS for the quarter. The company had revenue of $156.40 million for the quarter. Myriad Genetics had a negative return on equity of 5.17% and a negative net margin of 47.45%. Myriad Genetics has set its FY23 guidance at ($0.33)-($0.28) EPS. Equities research analysts expect that Myriad Genetics, Inc. will post -0.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Cowen reaffirmed a “hold” rating on shares of Myriad Genetics in a research note on Tuesday, November 4th. Wells Fargo & Company upped their price target on Myriad Genetics from $6.00 to $6.50 and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. UBS Group lifted their price objective on shares of Myriad Genetics from $6.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, November 4th. Piper Sandler dropped their price objective on shares of Myriad Genetics from $9.00 to $8.50 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, TD Cowen raised their target price on shares of Myriad Genetics from $8.00 to $9.00 and gave the stock a “hold” rating in a research note on Tuesday, November 4th. Four research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $12.25.

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.