Myriad Genetics, Inc. (NASDAQ:MYGN) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 11,793,819 shares, an increase of 19.1% from the October 15th total of 9,903,694 shares. Approximately 17.1% of the company’s stock are sold short. Based on an average daily trading volume, of 747,055 shares, the short-interest ratio is presently 15.8 days.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its position in Myriad Genetics by 59.5% during the first quarter. Royal Bank of Canada now owns 4,597 shares of the company’s stock valued at $136,000 after purchasing an additional 1,715 shares during the last quarter. Robecosam AG boosted its position in Myriad Genetics by 39.8% during the second quarter. Robecosam AG now owns 4,193 shares of the company’s stock valued at $156,000 after purchasing an additional 1,193 shares during the last quarter. First Quadrant L P CA acquired a new stake in Myriad Genetics during the third quarter valued at $201,000. Parametrica Management Ltd acquired a new stake in Myriad Genetics during the third quarter valued at $204,000. Finally, Commonwealth Equity Services LLC acquired a new stake in Myriad Genetics during the second quarter valued at $205,000. 96.75% of the stock is owned by hedge funds and other institutional investors.
MYGN has been the subject of several recent analyst reports. Zacks Investment Research raised Myriad Genetics from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a research report on Friday, August 24th. BidaskClub cut Myriad Genetics from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 21st. ValuEngine cut Myriad Genetics from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, September 12th. Barclays raised their target price on Myriad Genetics from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 22nd. Finally, Deutsche Bank raised their target price on Myriad Genetics from $37.00 to $43.00 and gave the stock a “hold” rating in a research report on Monday, November 5th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $41.90.
Shares of Myriad Genetics stock opened at $30.85 on Friday. The firm has a market capitalization of $2.74 billion, a PE ratio of 25.71, a price-to-earnings-growth ratio of 2.26 and a beta of 0.51. The company has a quick ratio of 2.86, a current ratio of 3.19 and a debt-to-equity ratio of 0.01. Myriad Genetics has a 12 month low of $27.27 and a 12 month high of $50.44.
Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, November 6th. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.13. The firm had revenue of $202.30 million during the quarter, compared to analysts’ expectations of $203.20 million. Myriad Genetics had a return on equity of 10.49% and a net margin of 7.07%. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 earnings per share. As a group, analysts predict that Myriad Genetics will post 1.41 earnings per share for the current fiscal year.
About Myriad Genetics
Myriad Genetics, Inc, a molecular diagnostic company, focuses on developing and marketing novel predictive medicine, personalized medicine, and prognostic medicine tests worldwide. The company offers molecular diagnostic tests, including myRisk Hereditary Cancer, a DNA sequencing test for hereditary cancers; BRACAnalysis, a DNA sequencing test to assess the risk of developing breast and ovarian cancer; BRACAnalysis CDx, a DNA sequencing test for use as a companion diagnostic with the platinum based chemotherapy agents and poly ADP ribose inhibitor Lynparza; riskScore, a clinically validated personalized medicine tool; GeneSight, a DNA genotyping test to optimize psychotropic drug selection for neuroscience patients; and Tumor BRACAnalysis CDx, a DNA sequencing test that is designed to be utilized to predict response to DNA damaging agents.
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