Myriad Genetics, Inc. (NASDAQ:MYGN) Sees Significant Growth in Short Interest

Myriad Genetics, Inc. (NASDAQ:MYGN) saw a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 6,090,000 shares, an increase of 26.6% from the May 31st total of 4,810,000 shares. Based on an average daily trading volume, of 749,300 shares, the days-to-cover ratio is currently 8.1 days.

Insiders Place Their Bets

In other Myriad Genetics news, CEO Paul J. Diaz sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $25.07, for a total value of $1,880,250.00. Following the transaction, the chief executive officer now directly owns 1,066,166 shares of the company’s stock, valued at $26,728,781.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Myriad Genetics news, Director Lee Nisley Newcomer sold 6,200 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $25.30, for a total value of $156,860.00. Following the completion of the transaction, the director now directly owns 66,650 shares of the company’s stock, valued at approximately $1,686,245. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Paul J. Diaz sold 75,000 shares of Myriad Genetics stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $25.07, for a total value of $1,880,250.00. Following the sale, the chief executive officer now directly owns 1,066,166 shares in the company, valued at $26,728,781.62. The disclosure for this sale can be found here. Insiders sold a total of 142,832 shares of company stock worth $3,574,217 over the last ninety days. 2.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Myriad Genetics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Blue Trust Inc. increased its stake in Myriad Genetics by 21.4% in the 4th quarter. Blue Trust Inc. now owns 6,729 shares of the company’s stock worth $129,000 after purchasing an additional 1,186 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in Myriad Genetics by 9.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock worth $186,000 after purchasing an additional 720 shares during the period. Allspring Global Investments Holdings LLC grew its position in Myriad Genetics by 90.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,805 shares of the company’s stock worth $188,000 after purchasing an additional 4,193 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its stake in Myriad Genetics by 388.0% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,253 shares of the company’s stock valued at $196,000 after purchasing an additional 8,152 shares during the period. Finally, Clarus Wealth Advisors purchased a new stake in shares of Myriad Genetics in the fourth quarter valued at $204,000. 99.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MYGN has been the topic of a number of recent analyst reports. Piper Sandler upped their target price on Myriad Genetics from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, May 13th. Leerink Partnrs upgraded shares of Myriad Genetics from a “market perform” rating to an “outperform” rating in a research note on Wednesday, May 8th. Jefferies Financial Group reissued an “underperform” rating and issued a $20.00 target price (down previously from $25.00) on shares of Myriad Genetics in a research report on Monday, June 3rd. SVB Leerink raised shares of Myriad Genetics from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $25.00 to $35.00 in a research report on Wednesday, May 8th. Finally, Scotiabank started coverage on Myriad Genetics in a report on Thursday, June 27th. They issued a “sector outperform” rating and a $29.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $25.33.

Myriad Genetics Price Performance

Shares of NASDAQ MYGN traded up $1.03 during mid-day trading on Tuesday, reaching $25.00. 113,714 shares of the company traded hands, compared to its average volume of 703,210. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.99 and a quick ratio of 1.82. The firm has a market cap of $2.26 billion, a PE ratio of -8.50 and a beta of 1.95. The stock has a fifty day simple moving average of $22.75 and a 200-day simple moving average of $21.63. Myriad Genetics has a fifty-two week low of $13.82 and a fifty-two week high of $25.95.

Myriad Genetics (NASDAQ:MYGN) last released its earnings results on Tuesday, May 7th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $202.20 million for the quarter, compared to the consensus estimate of $193.51 million. Myriad Genetics had a negative net margin of 30.30% and a negative return on equity of 6.77%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.28) EPS. Equities research analysts anticipate that Myriad Genetics will post -0.36 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.