Myriad Genetics Inc. (NASDAQ:MYGN) was the recipient 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 days-to-cover ratio is presently 11.6 days. Approximately 27.8% of the company’s stock are sold short.
MYGN has been the subject of a number of research reports. Bank of America Corp. reiterated a “sell” rating on shares of Myriad Genetics in a research note on Monday, October 10th. Barclays PLC reiterated an “equal weight” rating and issued a $22.00 price objective (down previously from $24.00) on shares of Myriad Genetics in a research note on Monday, October 10th. Ladenburg Thalmann cut Myriad Genetics from a “neutral” rating to a “sell” rating and set a $16.00 price objective for the company. in a research note on Monday, October 10th. 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 equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $31.00.
Myriad Genetics (NASDAQ:MYGN) opened at 18.63 on Friday. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 10.89 and a beta of 0.54. Myriad Genetics has a one year low of $17.66 and a one year high of $46.24. The company’s 50-day moving average price is $20.66 and its 200-day moving average price is $29.49.
Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by $0.02. Myriad Genetics had a net margin of 14.98% and a return on equity of 16.06%. The business had revenue of $186.50 million for the quarter, compared to analyst estimates of $187.95 million. During the same quarter last year, the business earned $0.41 EPS. Myriad Genetics’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, analysts anticipate that Myriad Genetics will post $1.07 EPS for the current year.
In related news, Director John T. Henderson sold 30,000 shares of the company’s 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 of the company’s stock, valued at $1,014,111.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark Christopher Capone purchased 10,000 shares of the stock in a transaction that occurred on Friday, August 19th. The stock was acquired at an average cost of $21.24 per share, with a total value of $212,400.00. Following the completion of the acquisition, the insider now directly owns 146,026 shares of the company’s stock, valued at $3,101,592.24. The disclosure for this purchase can be found here. 5.80% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of MYGN. Emerald Acquisition Ltd. acquired a new stake in shares of Myriad Genetics during the second quarter worth $27,284,000. Rice Hall James & Associates LLC acquired a new stake in shares of Myriad Genetics during the second quarter worth $16,101,000. River Road Asset Management LLC acquired a new stake in shares of Myriad Genetics during the second quarter worth $12,259,000. First Eagle Investment Management LLC acquired a new stake in shares of Myriad Genetics during the second quarter worth $11,291,000. Finally, Numeric Investors LLC raised its stake in shares of Myriad Genetics by 586.6% in the second quarter. Numeric Investors LLC now owns 409,200 shares of the company’s stock worth $12,522,000 after buying an additional 349,600 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.
Receive News & Ratings for Myriad Genetics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Myriad Genetics Inc. and related companies with MarketBeat.com's FREE daily email newsletter.