Insider Selling: Myriad Genetics, Inc. (NASDAQ:MYGN) Director Sells 46,012 Shares of Stock

Myriad Genetics, Inc. (NASDAQ:MYGN) Director Colleen F. Reitan sold 46,012 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the transaction, the director now directly owns 42,533 shares of the company’s stock, valued at approximately $1,188,797.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Myriad Genetics Stock Down 2.5 %

MYGN stock opened at $26.97 on Friday. The company’s 50 day moving average price is $27.02 and its 200 day moving average price is $23.76. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of -9.56 and a beta of 1.95. Myriad Genetics, Inc. has a fifty-two week low of $13.82 and a fifty-two week high of $29.08. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.78 and a current ratio of 1.96.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.06. The company had revenue of $211.50 million for the quarter, compared to the consensus estimate of $206.44 million. Myriad Genetics had a negative net margin of 19.35% and a negative return on equity of 5.64%. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.21) EPS. On average, equities research analysts anticipate that Myriad Genetics, Inc. will post -0.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MYGN has been the topic of several recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Wednesday, August 7th. Jefferies Financial Group restated an “underperform” rating and set a $20.00 price target (down from $25.00) on shares of Myriad Genetics in a research report on Monday, June 3rd. Piper Sandler boosted their price objective on Myriad Genetics from $28.00 to $30.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Scotiabank increased their target price on Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, August 13th. Finally, Wells Fargo & Company assumed coverage on Myriad Genetics in a research report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $28.60.

Institutional Trading of Myriad Genetics

A number of hedge funds and other institutional investors have recently bought and sold shares of MYGN. Hexagon Capital Partners LLC boosted its position in shares of Myriad Genetics by 75.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock worth $28,000 after acquiring an additional 491 shares in the last quarter. Innealta Capital LLC purchased a new stake in Myriad Genetics during the second quarter worth approximately $36,000. Point72 DIFC Ltd acquired a new position in Myriad Genetics in the second quarter valued at approximately $60,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Myriad Genetics in the second quarter valued at approximately $82,000. Finally, Neo Ivy Capital Management acquired a new stake in Myriad Genetics during the second quarter worth approximately $85,000. 99.02% of the stock is currently owned by institutional investors and hedge funds.

Myriad Genetics Company Profile

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.