Myriad Genetics, Inc. (NASDAQ:MYGN) Sees Significant Decline in Short Interest

Myriad Genetics, Inc. (NASDAQ:MYGN) was the target of a significant drop in short interest in the month of March. As of March 31st, there was short interest totaling 8,763,576 shares, a drop of 25.1% from the March 15th total of 11,699,529 shares. Based on an average trading volume of 2,980,202 shares, the days-to-cover ratio is presently 2.9 days. Currently, 9.6% of the shares of the company are sold short.

Myriad Genetics Price Performance

MYGN stock traded up $0.28 during mid-day trading on Wednesday, hitting $5.19. The stock had a trading volume of 1,251,954 shares, compared to its average volume of 1,600,526. The firm has a market capitalization of $485.32 million, a P/E ratio of -1.32 and a beta of 1.86. The company has a current ratio of 2.49, a quick ratio of 2.26 and a debt-to-equity ratio of 0.33. The firm has a fifty day simple moving average of $4.73 and a 200 day simple moving average of $6.15. Myriad Genetics has a 52 week low of $3.76 and a 52 week high of $8.59.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Monday, February 23rd. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.06. The company had revenue of $209.80 million for the quarter, compared to analyst estimates of $207.57 million. Myriad Genetics had a negative net margin of 44.38% and a negative return on equity of 6.35%. The firm’s revenue was down .4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.03 EPS. As a group, research analysts forecast that Myriad Genetics will post -0.3 EPS for the current year.

Analyst Upgrades and Downgrades

MYGN has been the topic of several recent analyst reports. Wells Fargo & Company decreased their target price on shares of Myriad Genetics from $6.50 to $6.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 24th. Zacks Research raised shares of Myriad Genetics from a “strong sell” rating to a “hold” rating in a report on Thursday, February 26th. TD Cowen raised shares of Myriad Genetics to a “hold” rating in a report on Monday. UBS Group decreased their target price on shares of Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday, February 24th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Myriad Genetics in a report on Friday, March 27th. Four research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $8.94.

Insider Transactions at Myriad Genetics

In other Myriad Genetics news, Director S. Louise Phanstiel purchased 50,407 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were acquired at an average cost of $4.80 per share, with a total value of $241,953.60. Following the completion of the transaction, the director owned 233,951 shares in the company, valued at $1,122,964.80. The trade was a 27.46% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Samraat S. Raha bought 40,000 shares of the firm’s stock in a transaction on Monday, March 9th. The stock was purchased at an average cost of $5.00 per share, for a total transaction of $200,000.00. Following the completion of the acquisition, the chief executive officer owned 493,104 shares in the company, valued at approximately $2,465,520. This trade represents a 8.83% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have purchased 144,507 shares of company stock worth $694,548. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Myriad Genetics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC lifted its stake in Myriad Genetics by 23.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 7,120 shares of the company’s stock valued at $51,000 after purchasing an additional 1,347 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Myriad Genetics by 1.8% in the 3rd quarter. Alliancebernstein L.P. now owns 101,234 shares of the company’s stock valued at $732,000 after purchasing an additional 1,784 shares during the last quarter. Legal & General Group Plc lifted its stake in Myriad Genetics by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 237,688 shares of the company’s stock valued at $1,262,000 after purchasing an additional 2,313 shares during the last quarter. Quarry LP lifted its stake in Myriad Genetics by 155.6% in the 4th quarter. Quarry LP now owns 4,365 shares of the company’s stock valued at $27,000 after purchasing an additional 2,657 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in Myriad Genetics by 2.7% in the 4th quarter. Franklin Resources Inc. now owns 103,374 shares of the company’s stock valued at $636,000 after purchasing an additional 2,714 shares during the last quarter. Institutional investors own 99.02% of the company’s stock.

Myriad Genetics Company Profile

Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.