Is Myriad Genetics, Inc. (NASDAQ:MYGN) Going to Burn These Hedge Funds?

Myriad Genetics, Inc. (NASDAQ:MYGN) shareholders have witnessed an increase in hedge fund sentiment of late.

To the average investor, there are a multitude of methods investors can use to analyze stocks. A couple of the most under-the-radar are hedge fund and insider trading activity. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the elite fund managers can outclass their index-focused peers by a significant margin (see just how much).

Just as beneficial, positive insider trading activity is another way to break down the stock market universe. Obviously, there are lots of incentives for an executive to sell shares of his or her company, but just one, very simple reason why they would buy. Plenty of academic studies have demonstrated the valuable potential of this tactic if investors understand what to do (learn more here).

With all of this in mind, it’s important to take a gander at the key action surrounding Myriad Genetics, Inc. (NASDAQ:MYGN).

What does the smart money think about Myriad Genetics, Inc. (NASDAQ:MYGN)?

Heading into 2013, a total of 21 of the hedge funds we track held long positions in this stock, a change of 5% from one quarter earlier. With hedge funds’ sentiment swirling, there exists a few key hedge fund managers who were boosting their stakes substantially.

When looking at the hedgies we track, Chuck Royce’s Royce & Associates had the largest position in Myriad Genetics, Inc. (NASDAQ:MYGN), worth close to $260 million, accounting for 0.8% of its total 13F portfolio. The second largest stake is held by Jim Simons of Renaissance Technologies, with a $60 million position; the fund has 0.2% of its 13F portfolio invested in the stock. Some other hedge funds that hold long positions include D. E. Shaw’s D E Shaw, Ric Dillon’s Diamond Hill Capital and Donald Chiboucis’s Columbus Circle Investors.

As aggregate interest increased, specific money managers were breaking ground themselves. Columbus Circle Investors, managed by Donald Chiboucis, created the biggest position in Myriad Genetics, Inc. (NASDAQ:MYGN). Columbus Circle Investors had 18 million invested in the company at the end of the quarter. Jacob Gottlieb’s Visium Asset Management also made a $6 million investment in the stock during the quarter. The other funds with brand new MYGN positions are Glenn Russell Dubin’s Highbridge Capital Management, Mike Vranos’s Ellington, and Drew Cupps’s Cupps Capital Management.

Insider trading activity in Myriad Genetics, Inc. (NASDAQ:MYGN)

Insider buying is most useful when the primary stock in question has experienced transactions within the past six months. Over the last 180-day time frame, Myriad Genetics, Inc. (NASDAQ:MYGN) has seen zero unique insiders buying, and 8 insider sales (see the details of insider trades here).

With the results shown by Insider Monkey’s studies, retail investors must always keep an eye on hedge fund and insider trading sentiment, and Myriad Genetics, Inc. (NASDAQ:MYGN) is an important part of this process.

Click here to learn more about Insider Monkey’s Hedge Fund Newsletter

Insider Monkey’s small-cap strategy returned 29.2% between September 2012 and February 2013 versus 8.7% for the S&P 500 index. Try it now by clicking the link above.

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

The Most Successful Reality TV Stars

Cheapest Cities to Visit in the US

Most Expensive Summer Camps

Most Expensive Animals in the World

Most Expensive Specialty Crops in the World

Movies That Took Ages to Make

The Longest Hollywood Films Ever Made

Most Expensive Concert Stages

The Richest Bands of all Time

10 Most Corrupt Countries 2013 List

10 Countries with the Highest Quality of Life Index

Most Expensive Mattresses in the World

5 Smallest Countries by Land Area

The Ultimate Heartbreak Songs

Richest Teenagers in the World

10 Most Haunted Places in America

10 Best Places to Retire in Florida East Coast

Top 10 Places to See Before You Die

Top 8 Countries in the World Where Justice Prevails

10 Richest States in America

15 Wealthiest Countries in the World

Richest Singers in the World

Most Expensive Tasting Menu in New York City

Most Expensive Baby Items in the World

Most Expensive Hotel Suites in Vegas

Most Expensive Brunch in New York City

Most Expensive Beef Cuts in the World

25 Best Colleges to Get a Job

Top 10 US Supermarkets

The 25 Most Dangerous Cities in the World to Visit

Most Expensive Xbox Games

Top 11 Cities Where Billionaires Live

Top 10 Most Charitable Companies in America

Most Expensive Seafood in the World

The 10 Wildest Conspiracy Theories

The 10 Best Job Markets in the US

Top 10 Accounting Scandals of All Time

The 25 Biggest Cities in the World

Top 10 Best Paying Virtual Jobs

Most Expensive Leather Shoes in the World

Top 6 Things to Buy in March

The 10 Most Stressful Jobs in America – 2014 List

Top 10 Jobs for Introverted People

Top 10 Honeymoon Destinations in the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!