Insider Selling: Myriad Genetics, Inc. (NASDAQ:MYGN) Director Sells $1,286,035.40 in Stock

Myriad Genetics, Inc. (NASDAQ:MYGN) Director Colleen F. Reitan sold 46,012 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total value of $1,286,035.40. Following the completion of 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 legal filing with the SEC, which can be accessed through the SEC website.

Myriad Genetics Stock Performance

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

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.06. The firm had revenue of $211.50 million during the quarter, compared to analysts’ expectations of $206.44 million. Myriad Genetics had a negative return on equity of 5.64% and a negative net margin of 19.35%. The business’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.21) earnings per share. As a group, sell-side analysts expect that Myriad Genetics, Inc. will post -0.34 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Jefferies Financial Group reiterated 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. Wells Fargo & Company initiated coverage on shares of Myriad Genetics in a research note on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 target price for the company. JPMorgan Chase & Co. raised their price target on shares of Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Wednesday, August 7th. Scotiabank lifted their price objective on shares of Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a report on Tuesday, August 13th. Finally, Piper Sandler increased their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $28.60.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MYGN. Hexagon Capital Partners LLC raised its stake in Myriad Genetics by 75.3% during the second quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock worth $28,000 after purchasing an additional 491 shares during the period. Innealta Capital LLC purchased a new stake in shares of Myriad Genetics during the 2nd quarter valued at 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 worth approximately $82,000. Finally, Neo Ivy Capital Management purchased a new position in Myriad Genetics in the second quarter worth approximately $85,000. Institutional investors and hedge funds own 99.02% of the company’s stock.

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.