Myriad Genetics (NASDAQ:MYGN) CEO Samraat Raha Buys 40,000 Shares

Myriad Genetics, Inc. (NASDAQ:MYGN) CEO Samraat Raha bought 40,000 shares of the stock in a transaction that occurred on Monday, March 9th. The shares were purchased at an average price of $5.00 per share, for a total transaction of $200,000.00. Following the purchase, the chief executive officer owned 493,104 shares in the company, valued at $2,465,520. This represents a 8.83% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Myriad Genetics Stock Down 6.6%

Shares of MYGN stock opened at $4.81 on Tuesday. The company’s fifty day simple moving average is $5.44 and its two-hundred day simple moving average is $6.58. Myriad Genetics, Inc. has a 52 week low of $3.76 and a 52 week high of $11.44. The stock has a market cap of $449.78 million, a P/E ratio of -1.22 and a beta of 1.91. The company has a quick ratio of 2.26, a current ratio of 2.49 and a debt-to-equity ratio of 0.33.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Monday, February 23rd. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.06. The firm had revenue of $209.80 million during the quarter, compared to analyst estimates of $207.57 million. Myriad Genetics had a negative return on equity of 6.35% and a negative net margin of 44.38%.The business’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter last year, the business posted $0.03 earnings per share. Analysts predict that Myriad Genetics, Inc. will post -0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Myriad Genetics

Large investors have recently modified their holdings of the stock. Invesco Ltd. lifted its position in Myriad Genetics by 2.4% in the fourth quarter. Invesco Ltd. now owns 507,180 shares of the company’s stock worth $3,119,000 after buying an additional 12,026 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its position in Myriad Genetics by 62.7% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 26,886 shares of the company’s stock valued at $165,000 after acquiring an additional 10,359 shares during the last quarter. Vestal Point Capital LP raised its stake in shares of Myriad Genetics by 103.8% in the fourth quarter. Vestal Point Capital LP now owns 1,223,000 shares of the company’s stock valued at $7,521,000 after acquiring an additional 623,000 shares during the period. Tudor Investment Corp ET AL purchased a new stake in shares of Myriad Genetics in the fourth quarter valued at $276,000. Finally, Oxford Asset Management LLP bought a new stake in shares of Myriad Genetics in the 4th quarter worth about $143,000. Institutional investors own 99.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Zacks Research raised Myriad Genetics from a “strong sell” rating to a “hold” rating in a report on Thursday, February 26th. Piper Sandler cut their target price on shares of Myriad Genetics from $9.00 to $8.50 and set an “overweight” rating for the company in a report on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Myriad Genetics in a research note on Monday, December 29th. Wells Fargo & Company lowered their price objective on shares of Myriad Genetics from $6.50 to $6.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 24th. Finally, UBS Group dropped their price objective on shares of Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating for the company in a research note on Tuesday, February 24th. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Myriad Genetics presently has an average rating of “Hold” and an average target price of $8.94.

About Myriad Genetics

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.