Myriad Genetics, Inc. (MYGN) Sees Large Drop in Short Interest
Myriad Genetics, Inc. (NASDAQ:MYGN) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totalling 16,412,692 shares, a drop of 12.9% from the August 15th total of 18,843,047 shares. Currently, 24.4% of the company’s shares are sold short. Based on an average trading volume of 970,644 shares, the short-interest ratio is currently 16.9 days.
MYGN has been the subject of several research analyst reports. BidaskClub raised Myriad Genetics from a “hold” rating to a “buy” rating in a research report on Saturday, August 12th. Zacks Investment Research raised Myriad Genetics from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a research report on Monday, July 17th. Barclays PLC lowered their price objective on Myriad Genetics from $28.00 to $26.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 9th. Cowen and Company reissued a “hold” rating and issued a $25.00 price objective on shares of Myriad Genetics in a research report on Monday, August 14th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $23.00 price objective (up from $21.00) on shares of Myriad Genetics in a research report on Thursday, August 10th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $21.22.
In other news, Director John T. Henderson sold 30,000 shares of Myriad Genetics stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $30.30, for a total value of $909,000.00. Following the completion of the transaction, the director now directly owns 52,524 shares of the company’s stock, valued at approximately $1,591,477.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 6.20% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Archford Capital Strategies LLC increased its stake in shares of Myriad Genetics by 87,146.7% during the second quarter. Archford Capital Strategies LLC now owns 13,087 shares of the company’s stock valued at $713,000 after purchasing an additional 13,072 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Myriad Genetics by 1.0% during the second quarter. Public Employees Retirement System of Ohio now owns 143,036 shares of the company’s stock valued at $3,696,000 after purchasing an additional 1,480 shares in the last quarter. Piedmont Investment Advisors LLC increased its stake in shares of Myriad Genetics by 53.9% during the second quarter. Piedmont Investment Advisors LLC now owns 130,025 shares of the company’s stock valued at $3,360,000 after purchasing an additional 45,512 shares in the last quarter. CS Mckee LP increased its stake in shares of Myriad Genetics by 0.3% during the second quarter. CS Mckee LP now owns 30,000 shares of the company’s stock valued at $775,000 after purchasing an additional 100 shares in the last quarter. Finally, Moors & Cabot Inc. increased its stake in shares of Myriad Genetics by 33.4% during the second quarter. Moors & Cabot Inc. now owns 21,475 shares of the company’s stock valued at $557,000 after purchasing an additional 5,375 shares in the last quarter.
Shares of Myriad Genetics (NASDAQ:MYGN) opened at 32.87 on Monday. The company has a 50-day moving average price of $28.75 and a 200-day moving average price of $23.22. Myriad Genetics has a 12 month low of $15.15 and a 12 month high of $33.42. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of 103.04 and a beta of 0.26.
Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Tuesday, August 8th. The company reported $0.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.04. Myriad Genetics had a net margin of 2.83% and a return on equity of 9.67%. The business had revenue of $200.50 million during the quarter, compared to analyst estimates of $193.71 million. During the same period last year, the business posted $0.36 earnings per share. Myriad Genetics’s quarterly revenue was up 7.5% compared to the same quarter last year. On average, equities analysts anticipate that Myriad Genetics will post $1.02 EPS for the current year.
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Myriad Genetics Company Profile
Myriad Genetics, Inc is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. The Company operates through two segments: diagnostics and other. The diagnostics segment 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 to enable optimal treatment, or assess a patient’s risk of disease progression and disease recurrence.
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