Myriad Genetics, Inc. (NASDAQ:MYGN) Sees Significant Decline in Short Interest

Myriad Genetics, Inc. (NASDAQ:MYGN) saw a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 3,690,000 shares, a decline of 17.6% from the October 31st total of 4,480,000 shares. Based on an average daily trading volume, of 811,700 shares, the short-interest ratio is currently 4.5 days.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MYGN shares. Scotiabank upped their price objective 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. StockNews.com cut Myriad Genetics from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Piper Sandler decreased their price objective on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating for the company in a research note on Monday, November 11th. Morgan Stanley decreased their price objective on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a research note on Monday, November 18th. Finally, TD Cowen increased their price target on Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $27.36.

Insider Buying and Selling at Myriad Genetics

In other news, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction of $270,500.00. Following the transaction, the director now owns 121,648 shares of the company’s stock, valued at approximately $3,290,578.40. This represents a 7.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Colleen F. Reitan sold 46,012 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total value of $1,286,035.40. Following the transaction, the director now directly owns 42,533 shares in the company, valued at $1,188,797.35. The trade was a 51.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,012 shares of company stock valued at $1,900,485 in the last three months. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

A number of institutional investors have recently modified their holdings of MYGN. Loomis Sayles & Co. L P grew its stake in shares of Myriad Genetics by 153.7% in the third quarter. Loomis Sayles & Co. L P now owns 2,189,601 shares of the company’s stock valued at $59,973,000 after buying an additional 1,326,497 shares in the last quarter. Disciplined Growth Investors Inc. MN grew its stake in shares of Myriad Genetics by 21.1% in the third quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock valued at $69,226,000 after buying an additional 440,107 shares in the last quarter. Iron Triangle Partners LP acquired a new position in Myriad Genetics during the 3rd quarter worth $11,007,000. State Street Corp grew its stake in Myriad Genetics by 8.3% during the 3rd quarter. State Street Corp now owns 4,703,442 shares of the company’s stock worth $128,827,000 after purchasing an additional 359,685 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its stake in Myriad Genetics by 26.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,063,711 shares of the company’s stock worth $29,135,000 after purchasing an additional 224,255 shares in the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.

Myriad Genetics Stock Performance

Shares of NASDAQ:MYGN traded down $0.01 during trading on Friday, hitting $16.27. The stock had a trading volume of 360,044 shares, compared to its average volume of 743,850. Myriad Genetics has a 12-month low of $14.72 and a 12-month high of $29.30. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of -12.52 and a beta of 1.93. The stock has a 50-day simple moving average of $21.06 and a two-hundred day simple moving average of $24.18.

About Myriad Genetics

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.