Myriad Genetics Inc. (MYGN) Sees Significant Increase in Short Interest
Myriad Genetics Inc. (NASDAQ:MYGN) was the target of a significant growth in short interest in September. As of September 30th, there was short interest totalling 18,889,611 shares, a growth of 13.7% from the September 15th total of 16,609,436 shares. Based on an average daily volume of 1,633,899 shares, the short-interest ratio is presently 11.6 days. Currently, 27.8% of the shares of the stock are short sold.
Shares of Myriad Genetics (NASDAQ:MYGN) opened at 19.21 on Thursday. The firm has a market capitalization of $1.33 billion, a PE ratio of 11.23 and a beta of 0.54. The firm has a 50-day moving average price of $20.79 and a 200-day moving average price of $29.69. Myriad Genetics has a 1-year low of $18.51 and a 1-year high of $46.24.
Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, August 9th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by $0.02. Myriad Genetics had a net margin of 14.98% and a return on equity of 16.06%. The company had revenue of $186.50 million for the quarter, compared to analysts’ expectations of $187.95 million. During the same period in the prior year, the firm earned $0.41 earnings per share. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. On average, analysts forecast that Myriad Genetics will post $1.07 EPS for the current fiscal year.
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Several brokerages recently weighed in on MYGN. Bank of America Corp. reiterated a “sell” rating on shares of Myriad Genetics in a research report on Monday. Barclays PLC reiterated an “equal weight” rating and issued a $22.00 price objective (down from $24.00) on shares of Myriad Genetics in a research report on Monday. Ladenburg Thalmann lowered Myriad Genetics from a “neutral” rating to a “sell” rating and set a $16.00 price objective for the company. in a research report on Monday. Wells Fargo & Co. upgraded Myriad Genetics from a “market perform” rating to an “outperform” rating in a research note on Sunday, August 21st. Finally, Zacks Investment Research cut Myriad Genetics from a “hold” rating to a “sell” rating in a research note on Tuesday, August 16th. Four analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $31.00.
In related news, Director John T. Henderson sold 30,000 shares of the stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $20.49, for a total value of $614,700.00. Following the completion of the transaction, the director now directly owns 49,493 shares in the company, valued at $1,014,111.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark Christopher Capone acquired 10,000 shares of the stock in a transaction that occurred on Friday, August 19th. The stock was acquired at an average price of $21.24 per share, with a total value of $212,400.00. Following the completion of the transaction, the insider now directly owns 146,026 shares of the company’s stock, valued at approximately $3,101,592.24. The disclosure for this purchase can be found here. 5.80% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in the stock. Genesee Valley Trust Co. boosted its stake in shares of Myriad Genetics by 77.8% in the third quarter. Genesee Valley Trust Co. now owns 31,907 shares of the company’s stock worth $657,000 after buying an additional 13,959 shares during the period. First Mercantile Trust Co. boosted its stake in shares of Myriad Genetics by 17.0% in the third quarter. First Mercantile Trust Co. now owns 17,887 shares of the company’s stock worth $368,000 after buying an additional 2,593 shares during the period. BNP Paribas Arbitrage SA boosted its stake in shares of Myriad Genetics by 31.9% in the third quarter. BNP Paribas Arbitrage SA now owns 26,376 shares of the company’s stock worth $543,000 after buying an additional 6,384 shares during the period. Royal Bank of Canada boosted its stake in shares of Myriad Genetics by 21.6% in the second quarter. Royal Bank of Canada now owns 10,431 shares of the company’s stock worth $321,000 after buying an additional 1,851 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Myriad Genetics by 0.3% in the second quarter. Public Employees Retirement System of Ohio now owns 150,895 shares of the company’s stock worth $4,617,000 after buying an additional 443 shares during the period.
About Myriad Genetics
Myriad Genetics, Inc (Myriad) is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. Myriad operates through two segments: diagnostics, which provides testing and collaborative development of testing that is designed to assess an individual’s risk for developing disease later in life, identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing, or assess a patient’s risk of disease progression and disease recurrence, and other, which provides testing products and services to the pharmaceutical, biotechnology and medical research industries, research and development, and clinical services for patients.
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