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

Myriad Genetics, Inc. (NASDAQ:MYGN) was the target of a large 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 trading volume of 749,300 shares, the short-interest ratio is presently 8.1 days.

Myriad Genetics Stock Up 1.5 %

MYGN traded up $0.36 during trading on Tuesday, reaching $24.33. 25,029 shares of the stock traded hands, compared to its average volume of 702,507. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.99 and a quick ratio of 1.82. Myriad Genetics has a fifty-two week low of $13.82 and a fifty-two week high of $25.95. The stock’s 50-day simple moving average is $22.75 and its two-hundred day simple moving average is $21.63. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of -8.50 and a beta of 1.95.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.09. The firm had revenue of $202.20 million for the quarter, compared to analyst estimates of $193.51 million. Myriad Genetics had a negative net margin of 30.30% and a negative return on equity of 6.77%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.28) earnings per share. As a group, equities research analysts expect that Myriad Genetics will post -0.36 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Scotiabank initiated coverage on shares of Myriad Genetics in a research note on Thursday, June 27th. They set a “sector outperform” rating and a $29.00 target price for the company. Leerink Partnrs upgraded Myriad Genetics from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 8th. SVB Leerink raised Myriad Genetics from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $25.00 to $35.00 in a research report on Wednesday, May 8th. Piper Sandler increased their price target on Myriad Genetics from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, May 13th. Finally, Jefferies Financial Group restated an “underperform” rating and set a $20.00 price objective (down previously from $25.00) on shares of Myriad Genetics in a report on Monday, June 3rd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Myriad Genetics has a consensus rating of “Hold” and a consensus price target of $25.33.

Insider Buying and Selling

In other Myriad Genetics news, CEO Paul J. Diaz sold 75,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $25.07, for a total transaction of $1,880,250.00. Following the completion of the transaction, the chief executive officer now owns 1,066,166 shares in the company, valued at approximately $26,728,781.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Paul J. Diaz sold 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $25.07, for a total transaction of $1,880,250.00. Following the sale, the chief executive officer now owns 1,066,166 shares of the company’s stock, valued at $26,728,781.62. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Paul J. Diaz sold 57,844 shares of Myriad Genetics stock in a transaction on Monday, May 13th. The shares were sold at an average price of $25.13, for a total value of $1,453,619.72. Following the transaction, the chief executive officer now owns 1,236,166 shares in the company, valued at $31,064,851.58. The disclosure for this sale can be found here. Insiders have sold a total of 142,832 shares of company stock valued at $3,574,217 in the last quarter. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

Several institutional investors and hedge funds have recently modified their holdings of MYGN. Vanguard Group Inc. grew its holdings in Myriad Genetics by 0.8% during the first quarter. Vanguard Group Inc. now owns 10,035,708 shares of the company’s stock valued at $213,961,000 after purchasing an additional 81,475 shares during the last quarter. Wellington Management Group LLP grew its stake in Myriad Genetics by 20.4% in the 4th quarter. Wellington Management Group LLP now owns 7,219,706 shares of the company’s stock valued at $138,185,000 after buying an additional 1,223,446 shares during the last quarter. Glenview Capital Management LLC grew its stake in Myriad Genetics by 39.6% in the 4th quarter. Glenview Capital Management LLC now owns 5,283,982 shares of the company’s stock valued at $101,135,000 after buying an additional 1,500,000 shares during the last quarter. Earnest Partners LLC raised its holdings in Myriad Genetics by 0.5% in the 1st quarter. Earnest Partners LLC now owns 3,933,058 shares of the company’s stock worth $83,853,000 after acquiring an additional 19,145 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Myriad Genetics by 3.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,680,918 shares of the company’s stock worth $51,315,000 after acquiring an additional 89,330 shares during the last quarter. Institutional investors and hedge funds own 99.02% of the company’s stock.

Myriad Genetics Company Profile

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.