Myriad Genetics, Inc. (NASDAQ:MYGN) Sees Large Decrease in Short Interest


Myriad Genetics, Inc. (NASDAQ:MYGN – Get Rating) saw a sharp drop in short interest in August. As of August 31, short interest totaled 3,870,000 shares, down 7.9% from the August 15 total of 4,200,000 shares. Based on an average daily trading volume of 530,400 shares, the days-to-cover ratio is currently 7.3 days.

Shares of Myriad Genetics down 0.6%

Shares of Myriad Genetics opened at $21.24 on Tuesday. The company’s 50-day moving average price is $24.04 and its 200-day moving average price is $22.49. Myriad Genetics has a 52-week low of $16.02 and a 52-week high of $35.31. The company has a market cap of $1.71 billion, a P/E of -88.50 and a beta of 1.74.

Myriad Genetics (NASDAQ:MYGN – Get Rating) last announced its earnings results on Thursday, August 4th. The company reported $0.04 per share for the quarter, beating analysts’ consensus estimate of $0.01 by $0.03. The company had revenue of $179.30 million for the quarter, compared to analysts’ expectations of $170.05 million. Myriad Genetics had a negative net margin of 2.62% and a negative return on equity of 3.44%. Myriad Genetics’ sales declined 5.3% year over year in the quarter. In the same period last year, the company earned $0.03 per share. As a group, equity analysts are forecasting that Myriad Genetics will report earnings per share of -0.47 for the current fiscal year.

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Analysts set new price targets

A number of research analysts have commented on MYGN stock. StockNews.com downgraded shares of Myriad Genetics from a “buy” rating to a “hold” rating in a research report on Wednesday, July 13. Cowen raised his target price on shares of Myriad Genetics to $32.00 in a research report on Tuesday, August 9th. TheStreet downgraded shares of Myriad Genetics from a “c-” rating to a “d+” rating in a research report on Friday, June 3rd. Finally, SVB Leerink raised its target price on shares of Myriad Genetics from $26.00 to $30.00 and gave the stock a market perform rating in a research report on Friday, August 5.

Institutional trade in countless genetics

Institutional investors have recently bought and sold shares of the stock. GHP Investment Advisors Inc. acquired a new interest in Myriad Genetics valued at approximately $27,000 during the first quarter. Exchange Traded Concepts LLC acquired a new interest in Myriad Genetics valued at approximately $29,000 during the first quarter. Itau Unibanco Holding SA acquired a new stake in Myriad Genetics valued at approximately $81,000 during the fourth quarter. First Horizon Advisors Inc. acquired a new interest in Myriad Genetics valued at approximately $57,000 during the second quarter. Finally, Point72 Hong Kong Ltd increased its stake in Myriad Genetics by 722.8% in Q2. Point72 Hong Kong Ltd now owns 3,217 shares of the company, valued at $58,000, having acquired a further 2,826 shares during this period. 99.80% of the shares are currently owned by institutional investors and hedge funds.

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Company profile of Myriad Genetics

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

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