Myriad Genetics, Inc. (MYGN) Short Interest Down 12.9% in August
Myriad Genetics, Inc. (NASDAQ:MYGN) was the target of a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 16,412,692 shares, a drop of 12.9% from the August 15th total of 18,843,047 shares. Currently, 24.4% of the company’s shares are short sold. Based on an average daily trading volume, of 970,644 shares, the short-interest ratio is presently 16.9 days.
MYGN has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Myriad Genetics from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a report on Monday, July 17th. J P Morgan Chase & Co restated an “underweight” rating and set a $16.00 price target on shares of Myriad Genetics in a report on Friday, June 30th. BidaskClub upgraded shares of Myriad Genetics from a “hold” rating to a “buy” rating in a report on Saturday, June 17th. Cowen and Company restated a “hold” rating and set a $25.00 price target on shares of Myriad Genetics in a report on Friday, July 14th. Finally, Piper Jaffray Companies restated a “hold” rating and set a $22.00 price target on shares of Myriad Genetics in a report on Friday, July 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. Myriad Genetics presently has an average rating of “Hold” and a consensus price target of $21.22.
Shares of Myriad Genetics (MYGN) opened at 32.75 on Friday. Myriad Genetics has a 12-month low of $15.15 and a 12-month high of $33.42. The company has a 50-day moving average of $28.48 and a 200 day moving average of $23.12. The firm has a market cap of $2.24 billion, a P/E ratio of 102.66 and a beta of 0.26.
Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.26 by $0.04. Myriad Genetics had a net margin of 2.83% and a return on equity of 9.67%. The firm had revenue of $200.50 million during the quarter, compared to analyst estimates of $193.71 million. During the same quarter in the prior year, the business posted $0.36 earnings per share. Myriad Genetics’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities research analysts anticipate that Myriad Genetics will post $1.02 earnings per share for the current fiscal year.
In other news, Director John T. Henderson sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $30.30, for a total transaction of $909,000.00. Following the completion of the sale, the director now owns 52,524 shares in the company, valued at approximately $1,591,477.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 6.20% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Arizona State Retirement System acquired a new position in Myriad Genetics during the first quarter worth approximately $682,000. Bank of New York Mellon Corp increased its position in Myriad Genetics by 131.2% during the first quarter. Bank of New York Mellon Corp now owns 918,305 shares of the company’s stock worth $17,632,000 after purchasing an additional 521,146 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in Myriad Genetics by 1.4% during the first quarter. Frontier Capital Management Co. LLC now owns 3,075,954 shares of the company’s stock worth $59,058,000 after purchasing an additional 41,432 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in Myriad Genetics by 4.4% during the first quarter. Schwab Charles Investment Management Inc. now owns 698,450 shares of the company’s stock worth $13,411,000 after purchasing an additional 29,348 shares during the last quarter. Finally, Great West Life Assurance Co. Can increased its position in Myriad Genetics by 958.4% during the first quarter. Great West Life Assurance Co. Can now owns 97,514 shares of the company’s stock worth $1,870,000 after purchasing an additional 88,301 shares during the last quarter.
About Myriad Genetics
Myriad Genetics, Inc is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. The Company operates through two segments: diagnostics and other. The diagnostics segment 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 to enable optimal treatment, or assess a patient’s risk of disease progression and disease recurrence.
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