Insider Buying: Myriad Genetics (NASDAQ:MYGN) Director Buys 7,500 Shares of Stock

Myriad Genetics, Inc. (NASDAQ:MYGN) Director Paul Bisaro acquired 7,500 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was bought at an average cost of $3.69 per share, with a total value of $27,675.00. Following the acquisition, the director owned 97,441 shares in the company, valued at approximately $359,557.29. This trade represents a 8.34% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Myriad Genetics Stock Performance

Shares of NASDAQ MYGN traded down $0.11 during midday trading on Thursday, reaching $3.62. 1,689,272 shares of the stock were exchanged, compared to its average volume of 1,594,415. The company has a quick ratio of 2.19, a current ratio of 2.40 and a debt-to-equity ratio of 0.36. The firm has a market cap of $341.91 million, a price-to-earnings ratio of -0.84 and a beta of 1.81. The firm has a 50-day simple moving average of $4.71 and a two-hundred day simple moving average of $5.73. Myriad Genetics, Inc. has a twelve month low of $3.62 and a twelve month high of $8.59.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). Myriad Genetics had a negative net margin of 48.24% and a negative return on equity of 8.51%. The firm had revenue of $200.40 million during the quarter, compared to analysts’ expectations of $202.42 million. During the same period in the previous year, the firm posted ($0.03) EPS. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. As a group, analysts anticipate that Myriad Genetics, Inc. will post -0.4 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on MYGN shares. Wells Fargo & Company reduced their price objective on shares of Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating for the company in a research report on Wednesday, May 6th. UBS Group lowered their price objective on Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday, February 24th. Zacks Research raised Myriad Genetics from a “strong sell” rating to a “hold” rating in a report on Thursday, February 26th. TD Cowen dropped their price target on Myriad Genetics from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Myriad Genetics in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $6.40.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MYGN. Millennium Management LLC grew 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 valued at $41,206,000 after purchasing an additional 1,951,831 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in shares of Myriad Genetics by 157.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company’s stock valued at $17,662,000 after buying an additional 1,492,405 shares during the period. Kent Lake PR LLC acquired a new stake in shares of Myriad Genetics during the 2nd quarter worth approximately $6,638,000. Federated Hermes Inc. raised its position in shares of Myriad Genetics by 103,916.0% during the 2nd quarter. Federated Hermes Inc. now owns 1,122,333 shares of the company’s stock valued at $5,960,000 after buying an additional 1,121,254 shares during the period. Finally, State Street Corp raised its position in shares of Myriad Genetics by 19.9% during the 4th quarter. State Street Corp now owns 5,966,567 shares of the company’s stock valued at $36,694,000 after buying an additional 990,075 shares during the period. Institutional investors and hedge funds own 99.02% of the company’s stock.

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.