Insider Selling: Myriad Genetics (NASDAQ:MYGN) Director Sells 15,000 Shares of Stock

Myriad Genetics, Inc. (NASDAQ:MYGN) Director Rashmi Kumar sold 15,000 shares of Myriad Genetics stock in a transaction on Monday, June 8th. The shares were sold at an average price of $4.46, for a total value of $66,900.00. Following the completion of the transaction, the director owned 171,889 shares of the company’s stock, valued at approximately $766,624.94. The trade was a 8.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Myriad Genetics Price Performance

MYGN traded up $0.15 during trading on Tuesday, hitting $4.54. The company’s stock had a trading volume of 1,137,927 shares, compared to its average volume of 1,634,140. The firm’s 50 day moving average price is $4.42 and its two-hundred day moving average price is $5.34. The company has a quick ratio of 2.19, a current ratio of 2.40 and a debt-to-equity ratio of 0.36. Myriad Genetics, Inc. has a 12 month low of $3.53 and a 12 month high of $8.59. The stock has a market capitalization of $428.79 million, a price-to-earnings ratio of -1.06 and a beta of 1.74.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.03). The firm had revenue of $200.40 million for the quarter, compared to analyst estimates of $202.42 million. Myriad Genetics had a negative net margin of 48.24% and a negative return on equity of 8.51%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same period last year, the company earned ($0.03) EPS. Sell-side analysts forecast that Myriad Genetics, Inc. will post -0.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Myriad Genetics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MYGN. Orbimed Advisors LLC bought a new stake in Myriad Genetics in the first quarter valued at about $562,500,000. Millennium Management LLC increased its holdings in shares of Myriad Genetics by 41.1% in the fourth quarter. Millennium Management LLC now owns 6,700,158 shares of the company’s stock worth $41,206,000 after acquiring an additional 1,951,831 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Myriad Genetics by 157.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company’s stock worth $17,662,000 after acquiring an additional 1,492,405 shares in the last quarter. Kent Lake PR LLC bought a new stake in shares of Myriad Genetics in the second quarter worth about $6,638,000. Finally, Federated Hermes Inc. increased its holdings in shares of Myriad Genetics by 103,916.0% in the second quarter. Federated Hermes Inc. now owns 1,122,333 shares of the company’s stock worth $5,960,000 after acquiring an additional 1,121,254 shares in the last quarter. Institutional investors own 99.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MYGN shares. Weiss Ratings raised Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday. TD Cowen dropped their price objective on Myriad Genetics from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, May 6th. UBS Group dropped their price objective on Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating for the company in a report on Tuesday, February 24th. Zacks Research upgraded Myriad Genetics from a “strong sell” rating to a “hold” rating in a report on Thursday, February 26th. Finally, Wells Fargo & Company dropped their price objective on Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $6.50.

Myriad Genetics Company Profile

Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.