Allspring Global Investments Holdings LLC Acquires 46,108 Shares of Myriad Genetics, Inc. (NASDAQ:MYGN)

Allspring Global Investments Holdings LLC increased its position in Myriad Genetics, Inc. (NASDAQ: MYGN – Free Report) by 627.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 53,458 shares of the company after acquiring an additional 46,108 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.07% of Myriad Genetics valued at $1,242,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MYGN. Glenview Capital Management LLC increased 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 valued at $44,949,000 after purchasing an additional 1,636,284 shares during the period. Wellington Management Group LLP increased its stake in Myriad Genetics by 17.8% in the first quarter. Wellington Management Group LLP now owns 5,096,235 shares of the company valued at $128,425,000 after purchasing an additional 770,460 shares during the period. State Street Corp increased its stake in Myriad Genetics by 14.5% in the second quarter. State Street Corp now owns 4,804,157 shares of the company valued at $87,292,000 after purchasing an additional 607,932 shares during the period. Morgan Stanley increased its stake in Myriad Genetics by 31.0% in the fourth quarter. Morgan Stanley now owns 896,881 shares of the company valued at $13,014,000 after purchasing an additional 212,232 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Myriad Genetics by 8.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,633,864 shares of the company valued at $38,217,000 after purchasing an additional 201,414 shares during the period. Institutional investors own 99.51% of the company’s shares.

Performance of Myriad Genetics shares

NASDAQ MYGN opened at $23.13 on Monday. The company has a market cap of $1.89 billion, a price-earnings ratio of -12.85, and a beta of 1.80. The company’s 50-day simple moving average is $21.74, and its two-hundred-day simple moving average is $20.77. Myriad Genetics, Inc. has a one-year low of $13.92 and a one-year high of $28.18.

Myriad Genetics (NASDAQ:MYGN – Free Report) last released earnings results on Wednesday, May 3. The company reported ($0.21) EPS for the quarter, missing analyst consensus estimates of ($0.19) by ($0.02). The company reported revenue of $181.20 million for the quarter, compared to analyst expectations of $171.56 million. Myriad Genetics had a negative net margin of 21.05% and a negative return on equity of 7.42%. The company’s revenue for the quarter increased 9.9% year over year. During the same period last year, the company reported EPS ($0.14). Equity analysts expect Myriad Genetics, Inc. to post -0.63 earnings per share for the current fiscal year.

Insider transactions at Myriad Genetics

In other news, director Daniel K. Spiegelman sold 8,638 shares of Myriad Genetics in a deal on Friday, June 2. The shares sold at an average price of $23.01, for a total value of $198,760.38. As a result of the transaction, the director now owns 40,493 shares of the company, valued at approximately $931,743.93. The sale was disclosed in a legal filing with the SEC, which can be accessed via this link. Insiders own 2.00% of the company’s shares.

Wall Street analysts expect growth

Several research analysts have recently commented on the stock. StockNews.com took over coverage of Myriad Genetics stock in a research note on Thursday, May 18. They have issued a “hold” rating on the stock. On Tuesday, May 23, Goldman Sachs raised shares of Myriad Genetics from a “sell” rating to a “buy” rating and raised the price target for the stock from $18.00 to $25.00. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating for the company’s stock. Based on data from MarketBeat, Myriad Genetics has an average rating of “Hold” and a consensus price target of $26.60.

A myriad of genetic profiles

(Free Report)

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic testing 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 to evaluate the risks of hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine therapy for patients with metastatic breast, ovarian, metastatic pancreatic, or metastatic prostate cancer with deleterious or suspected germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.

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