Myriad Genetics, Inc. (NASDAQ:MYGN) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 16,412,692 shares, a decrease of 12.9% from the August 15th total of 18,843,047 shares. Based on an average daily volume of 970,644 shares, the days-to-cover ratio is presently 16.9 days. Approximately 24.4% of the shares of the company are short sold.
Shares of Myriad Genetics (NASDAQ:MYGN) opened at 32.91 on Wednesday. Myriad Genetics has a one year low of $15.15 and a one year high of $33.42. The company’s 50-day moving average is $29.26 and its 200-day moving average is $23.47. The stock has a market capitalization of $2.25 billion, a P/E ratio of 103.17 and a beta of 0.26.
Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.04. The company had revenue of $200.50 million for the quarter, compared to analysts’ expectations of $193.71 million. Myriad Genetics had a net margin of 2.83% and a return on equity of 9.67%. Myriad Genetics’s revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.36 EPS. On average, equities research analysts anticipate that Myriad Genetics will post $1.02 earnings per share for the current year.
In other Myriad Genetics news, Director John T. Henderson sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $30.30, for a total transaction of $909,000.00. Following the transaction, the director now owns 52,524 shares in the company, valued at approximately $1,591,477.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 6.20% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in MYGN. BlackRock Inc. increased its stake in Myriad Genetics by 168,335.7% in the 1st quarter. BlackRock Inc. now owns 9,541,884 shares of the company’s stock valued at $183,203,000 after buying an additional 9,536,219 shares during the period. Thrivent Financial For Lutherans increased its stake in Myriad Genetics by 7,026.7% in the 2nd quarter. Thrivent Financial For Lutherans now owns 2,742,340 shares of the company’s stock valued at $70,862,000 after buying an additional 2,703,860 shares during the period. Dimensional Fund Advisors LP increased its stake in Myriad Genetics by 59.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,642,820 shares of the company’s stock valued at $50,742,000 after buying an additional 987,966 shares during the period. Vanguard Group Inc. increased its stake in Myriad Genetics by 16.8% in the 1st quarter. Vanguard Group Inc. now owns 6,251,030 shares of the company’s stock valued at $120,020,000 after buying an additional 897,287 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Myriad Genetics by 131.2% in the 1st quarter. Bank of New York Mellon Corp now owns 918,305 shares of the company’s stock valued at $17,632,000 after buying an additional 521,146 shares during the period.
MYGN has been the topic of a number of research reports. Deutsche Bank AG upgraded shares of Myriad Genetics from a “sell” rating to a “hold” rating and cut their price objective for the stock from $27.86 to $15.00 in a research note on Friday, August 18th. BidaskClub lowered shares of Myriad Genetics from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Zacks Investment Research lowered shares of Myriad Genetics from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. J P Morgan Chase & Co reiterated an “underweight” rating and issued a $16.00 price objective on shares of Myriad Genetics in a research note on Friday, June 30th. Finally, Cowen and Company reiterated a “hold” rating and issued a $25.00 price objective on shares of Myriad Genetics in a research note on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $21.22.
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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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