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

Myriad Genetics, Inc. (NASDAQ:MYGN) Director Rashmi Kumar sold 15,000 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $4.46, for a total transaction of $66,900.00. Following the sale, the director directly owned 171,889 shares in the company, valued at $766,624.94. This trade represents a 8.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Myriad Genetics Stock Performance

Shares of MYGN stock opened at $4.43 on Thursday. Myriad Genetics, Inc. has a one year low of $3.53 and a one year high of $8.59. The company’s 50-day moving average is $4.42 and its 200 day moving average is $5.31. The company has a market capitalization of $418.41 million, a price-to-earnings ratio of -1.03 and a beta of 1.73. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.19 and a current ratio of 2.40.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). Myriad Genetics had a negative return on equity of 8.51% and a negative net margin of 48.24%.The business had revenue of $200.40 million during the quarter, compared to the consensus estimate of $202.42 million. During the same quarter in the previous year, the business posted ($0.03) earnings per share. Myriad Genetics’s quarterly revenue was up 2.3% compared to the same quarter last year. Sell-side analysts expect that Myriad Genetics, Inc. will post -0.17 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MYGN shares. UBS Group reduced their price objective on Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating for the company in a report on Tuesday, February 24th. Zacks Research upgraded Myriad Genetics from a “strong sell” rating to a “hold” rating in a report on Thursday, February 26th. Wells Fargo & Company reduced their price objective 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. Weiss Ratings upgraded Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 4th. Finally, TD Cowen reduced their price objective on Myriad Genetics from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Myriad Genetics presently has a consensus rating of “Hold” and a consensus price target of $6.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position in Myriad Genetics by 2,333.3% in the second quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company’s stock worth $25,000 after purchasing an additional 4,480 shares during the last quarter. Quarry LP boosted its position in Myriad Genetics by 155.6% in the fourth quarter. Quarry LP now owns 4,365 shares of the company’s stock worth $27,000 after purchasing an additional 2,657 shares during the last quarter. Hantz Financial Services Inc. boosted its position in Myriad Genetics by 1,088.7% in the third quarter. Hantz Financial Services Inc. now owns 4,089 shares of the company’s stock worth $30,000 after purchasing an additional 3,745 shares during the last quarter. Royal Bank of Canada boosted its position in Myriad Genetics by 129.6% in the fourth quarter. Royal Bank of Canada now owns 4,993 shares of the company’s stock worth $31,000 after purchasing an additional 2,818 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Myriad Genetics in the second quarter worth about $37,000. 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.