Myriad Genetics, Inc. (NASDAQ:MYGN) Sees Large Decline in Short Interest

Myriad Genetics, Inc. (NASDAQ:MYGN) saw a large decrease in short interest in November. As of November 15th, there was short interest totalling 3,690,000 shares, a decrease of 17.6% from the October 31st total of 4,480,000 shares. Based on an average daily volume of 811,700 shares, the days-to-cover ratio is currently 4.5 days.

Insider Transactions at Myriad Genetics

In other news, CEO Paul J. Diaz sold 15,000 shares of Myriad Genetics stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $22.93, for a total transaction of $343,950.00. Following the completion of the transaction, the chief executive officer now directly owns 962,378 shares in the company, valued at $22,067,327.54. This trade represents a 1.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Heinrich Dreismann sold 10,000 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction of $270,500.00. Following the sale, the director now directly owns 121,648 shares of the company’s stock, valued at approximately $3,290,578.40. The trade was a 7.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 71,012 shares of company stock valued at $1,900,485 in the last 90 days. 2.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Myriad Genetics

Institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. increased its position in shares of Myriad Genetics by 8.8% during the third quarter. Franklin Resources Inc. now owns 58,055 shares of the company’s stock valued at $1,457,000 after buying an additional 4,710 shares during the period. Geode Capital Management LLC grew its stake in Myriad Genetics by 1.0% during the third quarter. Geode Capital Management LLC now owns 2,154,035 shares of the company’s stock valued at $59,010,000 after acquiring an additional 21,220 shares in the last quarter. Disciplined Growth Investors Inc. MN increased its holdings in Myriad Genetics by 21.1% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock worth $69,226,000 after acquiring an additional 440,107 shares during the period. Barclays PLC lifted its stake in Myriad Genetics by 136.9% in the 3rd quarter. Barclays PLC now owns 190,243 shares of the company’s stock worth $5,210,000 after purchasing an additional 109,931 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its holdings in Myriad Genetics by 188.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 38,533 shares of the company’s stock valued at $1,055,000 after purchasing an additional 25,179 shares during the period. Hedge funds and other institutional investors own 99.02% of the company’s stock.

Myriad Genetics Trading Down 0.1 %

NASDAQ:MYGN opened at $16.27 on Monday. The company has a market cap of $1.48 billion, a P/E ratio of -12.52 and a beta of 1.93. Myriad Genetics has a 1 year low of $14.72 and a 1 year high of $29.30. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. The stock’s fifty day moving average price is $21.06 and its two-hundred day moving average price is $24.17.

Analysts Set New Price Targets

MYGN has been the subject of a number of analyst reports. TD Cowen increased their price target on Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. StockNews.com downgraded Myriad Genetics from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Piper Sandler reduced their price objective on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating for the company in a research note on Monday, November 11th. JPMorgan Chase & Co. lifted their target price on Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. Finally, Scotiabank boosted their target price on shares of Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $27.36.

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.