Is Myriad Genetics, Inc. (MYGN) A Good Stock To Buy?

As aggregate interest increased, key money managers were leading the bulls’ herd. Buckingham Capital Management, managed by David Keidan, assembled the most valuable position in Myriad Genetics, Inc. (NASDAQ:MYGN). Buckingham Capital Management had $7.1 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $0.5 million position during the quarter. The other funds with brand new MYGN positions are Paul Tudor Jones’s Tudor Investment Corp, Mike Vranos’s Ellington, and Brian Taylor’s Pine River Capital Management.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Myriad Genetics, Inc. (NASDAQ:MYGN) but similarly valued. We will take a look at TCF Financial Corporation (NYSE:TCB), New Jersey Resources Corp (NYSE:NJR), TAL Education Group (ADR) (NYSE:XRS), and Mindray Medical International Ltd (ADR) (NYSE:MR). This group of stocks’ market caps resemble MYGN’s market cap.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $124 million, significantly below in comparison to the $734 million in MYGN’s case. TCF Financial Corporation (NYSE:TCB) is the most popular stock in this table. On the other hand Mindray Medical International Ltd (ADR) (NYSE:MR) is the least popular one with only 10 bullish hedge fund positions. Myriad Genetics, Inc. (NASDAQ:MYGN) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard TCB might be a better candidate to consider a long position.