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

Myriad Genetics, Inc. (NASDAQ:MYGN) was the target of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 6,090,000 shares, a growth of 26.6% from the May 31st total of 4,810,000 shares. Based on an average daily volume of 749,300 shares, the days-to-cover ratio is presently 8.1 days.

Insiders Place Their Bets

In other Myriad Genetics news, Director Daniel K. Spiegelman sold 3,788 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $22.04, for a total value of $83,487.52. Following the sale, the director now owns 36,705 shares in the company, valued at approximately $808,978.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Paul J. Diaz sold 75,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $25.07, for a total value of $1,880,250.00. Following the sale, the chief executive officer now directly owns 1,066,166 shares in the company, valued at approximately $26,728,781.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Daniel K. Spiegelman sold 3,788 shares of the 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 completion of the transaction, the director now directly owns 36,705 shares of the company’s stock, valued at approximately $808,978.20. The disclosure for this sale can be found here. Insiders sold 142,832 shares of company stock worth $3,574,217 in the last three months. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Myriad Genetics

A number of institutional investors have recently modified their holdings of MYGN. Glenview Capital Management LLC lifted its stake in shares of 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 purchasing an additional 1,500,000 shares during the period. Natixis Advisors L.P. boosted its stake in shares of Myriad Genetics by 44.3% during the 4th quarter. Natixis Advisors L.P. now owns 190,278 shares of the company’s stock worth $3,641,000 after acquiring an additional 58,449 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Myriad Genetics by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 5,996,260 shares of the company’s stock valued at $96,180,000 after acquiring an additional 251,426 shares during the period. Qube Research & Technologies Ltd increased its stake in shares of Myriad Genetics by 609.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 131,553 shares of the company’s stock valued at $2,110,000 after purchasing an additional 113,000 shares in the last quarter. Finally, Sei Investments Co. raised its holdings in Myriad Genetics by 41.9% in the 4th quarter. Sei Investments Co. now owns 2,161,434 shares of the company’s stock worth $41,370,000 after purchasing an additional 638,147 shares during the period. Hedge funds and other institutional investors own 99.02% of the company’s stock.

Myriad Genetics Stock Performance

Myriad Genetics stock traded up $0.36 during trading hours on Tuesday, hitting $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 1 year low of $13.82 and a 1 year high of $25.95. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of -8.50 and a beta of 1.95. The firm’s 50 day moving average price is $22.75 and its 200-day moving average price is $21.63.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $193.51 million. During the same period in the previous year, the business posted ($0.28) EPS. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, equities analysts expect that Myriad Genetics will post -0.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.