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

Myriad Genetics, Inc. (NASDAQ:MYGN) was the recipient of a significant increase in short interest during 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 volume of 749,300 shares, the short-interest ratio is currently 8.1 days.

Myriad Genetics Stock Up 4.3 %

Shares of MYGN traded up $1.03 during mid-day trading on Tuesday, hitting $25.00. 113,714 shares of the company traded hands, compared to its average volume of 703,210. The company has a market capitalization of $2.26 billion, a PE ratio of -8.50 and a beta of 1.95. The company has a quick ratio of 1.82, a current ratio of 1.99 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average of $22.75 and a 200 day moving average of $21.63. Myriad Genetics has a 1-year low of $13.82 and a 1-year high of $25.95.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Piper Sandler lifted their price objective on shares of Myriad Genetics from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, May 13th. Jefferies Financial Group reissued an “underperform” rating and issued a $20.00 price target (down from $25.00) on shares of Myriad Genetics in a research report on Monday, June 3rd. SVB Leerink upgraded Myriad Genetics from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $25.00 to $35.00 in a research note on Wednesday, May 8th. Scotiabank assumed coverage on shares of Myriad Genetics in a research report on Thursday, June 27th. They set a “sector outperform” rating and a $29.00 price target for the company. Finally, Leerink Partnrs raised shares of Myriad Genetics from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 8th. Two investment 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’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $25.33.

Insider Transactions at Myriad Genetics

In other Myriad Genetics news, Director Daniel K. Spiegelman sold 3,788 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $22.04, for a total value of $83,487.52. Following the completion of the sale, the director now directly owns 36,705 shares of the company’s stock, valued at approximately $808,978.20. The transaction was disclosed in a filing with the SEC, which is available through this link. In related 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 sale, the director now directly owns 66,650 shares of the company’s stock, valued at $1,686,245. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Daniel K. Spiegelman sold 3,788 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $22.04, for a total transaction of $83,487.52. Following the transaction, the director now directly owns 36,705 shares in the company, valued at approximately $808,978.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 142,832 shares of company stock worth $3,574,217. Insiders own 2.10% of the company’s stock.

Institutional Trading of Myriad Genetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in shares of Myriad Genetics by 21.4% in the fourth quarter. Blue Trust Inc. now owns 6,729 shares of the company’s stock valued at $129,000 after purchasing an additional 1,186 shares during the period. Ameritas Investment Partners Inc. boosted its position in Myriad Genetics by 9.0% in the first quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock valued at $186,000 after buying an additional 720 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Myriad Genetics by 90.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,805 shares of the company’s stock worth $188,000 after buying an additional 4,193 shares during the period. China Universal Asset Management Co. Ltd. raised its position 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 worth $196,000 after buying an additional 8,152 shares during the last quarter. Finally, Clarus Wealth Advisors acquired a new stake in Myriad Genetics during the 4th quarter valued at approximately $204,000. 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.