Myriad Genetics Inc. (MYGN) Sees Large Increase in Short Interest
Myriad Genetics Inc. (NASDAQ:MYGN) was the target of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 18,889,611 shares, an increase of 13.7% from the September 15th total of 16,609,436 shares. Approximately 27.8% of the company’s stock are sold short. Based on an average daily trading volume, of 1,633,899 shares, the days-to-cover ratio is currently 11.6 days.
Shares of Myriad Genetics (NASDAQ:MYGN) opened at 18.63 on Friday. The firm has a market cap of $1.29 billion, a PE ratio of 10.89 and a beta of 0.54. The company has a 50-day moving average of $20.66 and a 200-day moving average of $29.49. Myriad Genetics has a 1-year low of $17.66 and a 1-year high of $46.24.
Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.38 by $0.02. The business earned $186.50 million during the quarter, compared to analyst estimates of $187.95 million. Myriad Genetics had a net margin of 14.98% and a return on equity of 16.06%. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period last year, the company earned $0.41 earnings per share. Analysts predict that Myriad Genetics will post $1.07 earnings per share for the current fiscal year.
In related news, insider Mark Christopher Capone acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 19th. The stock was purchased at an average cost of $21.24 per share, with a total value of $212,400.00. Following the transaction, the insider now directly owns 146,026 shares of the company’s stock, valued at approximately $3,101,592.24. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John T. Henderson sold 30,000 shares of the stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $20.49, for a total transaction 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 disclosure for this sale can be found here. Company insiders own 5.80% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Genesee Valley Trust Co. increased its position in shares of Myriad Genetics by 77.8% in the third quarter. Genesee Valley Trust Co. now owns 31,907 shares of the company’s stock worth $657,000 after buying an additional 13,959 shares during the period. First Mercantile Trust Co. increased its position in shares of Myriad Genetics by 17.0% in the third quarter. First Mercantile Trust Co. now owns 17,887 shares of the company’s stock worth $368,000 after buying an additional 2,593 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of Myriad Genetics by 31.9% in the third quarter. BNP Paribas Arbitrage SA now owns 26,376 shares of the company’s stock worth $543,000 after buying an additional 6,384 shares during the period. Royal Bank of Canada increased its position in shares of Myriad Genetics by 21.6% in the second quarter. Royal Bank of Canada now owns 10,431 shares of the company’s stock worth $321,000 after buying an additional 1,851 shares during the period. Finally, Public Employees Retirement System of Ohio increased its position in shares of Myriad Genetics by 0.3% in the second quarter. Public Employees Retirement System of Ohio now owns 150,895 shares of the company’s stock worth $4,617,000 after buying an additional 443 shares during the period.
Several equities analysts recently commented on MYGN shares. Barclays PLC reaffirmed an “overweight” rating and issued a $50.00 price objective on shares of Myriad Genetics in a research report on Wednesday, July 6th. Mizuho reaffirmed a “neutral” rating and issued a $34.00 price objective on shares of Myriad Genetics in a research report on Wednesday, July 6th. Zacks Investment Research raised shares of Myriad Genetics from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research report on Wednesday, July 27th. Bank of America Corp. lowered shares of Myriad Genetics from a “neutral” rating to an “underperform” rating and set a $25.00 price objective for the company. in a research report on Friday, July 29th. Finally, Piper Jaffray Cos. downgraded shares of Myriad Genetics from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $47.00 to $22.00 in a report on Wednesday, August 10th. Four 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 presently has an average rating of “Hold” and a consensus target price of $31.00.
Myriad Genetics Company Profile
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.
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