Myriad Genetics (NASDAQ:MYGN) Director Rashmi Kumar Sells 15,000 Shares

Myriad Genetics, Inc. (NASDAQ:MYGN) Director Rashmi Kumar sold 15,000 shares of Myriad Genetics stock in a transaction on Monday, June 8th. The stock was sold at an average price of $4.46, for a total value of $66,900.00. Following the transaction, the director directly owned 171,889 shares of the company’s stock, valued at $766,624.94. This trade represents a 8.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Myriad Genetics Trading Up 3.4%

NASDAQ:MYGN opened at $4.54 on Wednesday. The stock has a fifty day simple moving average of $4.42 and a 200-day simple moving average of $5.33. Myriad Genetics, Inc. has a 52-week low of $3.53 and a 52-week high of $8.59. The company has a market capitalization of $428.80 million, a PE ratio of -1.06 and a beta of 1.73. The company has a quick ratio of 2.19, a current ratio of 2.40 and a debt-to-equity ratio of 0.36.

Myriad Genetics (NASDAQ:MYGN) last announced its earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $202.42 million. During the same period in the previous year, the firm posted ($0.03) EPS. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities research analysts expect that Myriad Genetics, Inc. will post -0.17 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on MYGN shares. Weiss Ratings upgraded Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 4th. Zacks Research upgraded Myriad Genetics from a “strong sell” rating to a “hold” rating in a report on Thursday, February 26th. TD Cowen decreased their target price on Myriad Genetics from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, May 6th. Wells Fargo & Company decreased their target price on Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. Finally, UBS Group decreased their target price on Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating for the company in a report on Tuesday, February 24th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $6.50.

Hedge Funds Weigh In On Myriad Genetics

A number of institutional investors have recently modified their holdings of MYGN. Orbimed Advisors LLC purchased a new position in shares of Myriad Genetics during the first quarter worth approximately $562,500,000. Millennium Management LLC increased its position in shares of Myriad Genetics by 41.1% during the fourth quarter. Millennium Management LLC now owns 6,700,158 shares of the company’s stock worth $41,206,000 after acquiring an additional 1,951,831 shares during the period. Jacobs Levy Equity Management Inc. increased its position in shares of Myriad Genetics by 157.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company’s stock worth $17,662,000 after acquiring an additional 1,492,405 shares during the period. Kent Lake PR LLC purchased a new position in shares of Myriad Genetics during the second quarter worth approximately $6,638,000. Finally, Federated Hermes Inc. increased its position in shares of Myriad Genetics by 103,916.0% during the second quarter. Federated Hermes Inc. now owns 1,122,333 shares of the company’s stock worth $5,960,000 after acquiring an additional 1,121,254 shares during the period. 99.02% of the stock is owned by hedge funds and other institutional investors.

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.