Myriad Genetics (NASDAQ:MYGN) Trading Down 3.2% After Insider Selling

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) traded down 3.2% on Wednesday after an insider sold shares in the company. The stock traded as low as $26.45 and last traded at $26.57. 60,280 shares traded hands during trading, a decline of 92% from the average session volume of 716,739 shares. The stock had previously closed at $27.46.

Specifically, Director Colleen F. Reitan sold 46,012 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 42,533 shares of the company’s stock, valued at $1,188,797.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company began coverage on shares of Myriad Genetics in a report on Tuesday, August 27th. They set an “overweight” rating and a $35.00 target price on the stock. Jefferies Financial Group reissued an “underperform” rating and issued a $20.00 price objective (down previously from $25.00) on shares of Myriad Genetics in a research note on Monday, June 3rd. Scotiabank raised their target price on Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, August 13th. JPMorgan Chase & Co. upped their price target on Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Wednesday, August 7th. 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 research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $28.60.

Myriad Genetics Price Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.78 and a current ratio of 1.96. The business has a 50 day moving average price of $26.97 and a 200-day moving average price of $23.74. The company has a market capitalization of $2.50 billion, a price-to-earnings ratio of -9.81 and a beta of 1.95.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.06. The firm had revenue of $211.50 million for the quarter, compared to analyst estimates of $206.44 million. Myriad Genetics had a negative return on equity of 5.64% and a negative net margin of 19.35%. The company’s revenue was up 15.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.21) earnings per share. Research analysts predict that Myriad Genetics, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. raised its holdings in shares of Myriad Genetics by 40.5% during the fourth quarter. Victory Capital Management Inc. now owns 84,587 shares of the company’s stock valued at $1,619,000 after purchasing an additional 24,386 shares during the period. Natixis Advisors L.P. increased its position in Myriad Genetics by 44.3% in the 4th quarter. Natixis Advisors L.P. now owns 190,278 shares of the company’s stock valued at $3,641,000 after buying an additional 58,449 shares in the last quarter. Amalgamated Bank raised its stake in Myriad Genetics by 2.2% during the 4th quarter. Amalgamated Bank now owns 32,359 shares of the company’s stock worth $619,000 after buying an additional 692 shares during the period. Maryland State Retirement & Pension System boosted its holdings in Myriad Genetics by 6.9% in the fourth quarter. Maryland State Retirement & Pension System now owns 32,226 shares of the company’s stock worth $617,000 after acquiring an additional 2,066 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Myriad Genetics by 4.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 926,159 shares of the company’s stock worth $17,727,000 after purchasing an additional 41,353 shares in the last quarter. 99.02% of the stock is owned by institutional investors.

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.