Insider Buying: Myriad Genetics (NASDAQ:MYGN) Director Buys 48,000 Shares of Stock

Myriad Genetics, Inc. (NASDAQ:MYGN) Director S. Louise Phanstiel acquired 48,000 shares of the company’s stock in a transaction that occurred on Friday, February 27th. The stock was purchased at an average cost of $4.66 per share, for a total transaction of $223,680.00. Following the acquisition, the director owned 281,951 shares in the company, valued at approximately $1,313,891.66. This trade represents a 20.52% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link.

S. Louise Phanstiel also recently made the following trade(s):

• On Thursday, February 26th, S. Louise Phanstiel acquired 50,407 shares of Myriad Genetics stock. The stock was purchased at an average price of $4.80 per share, for a total transaction of $241,953.60.
• On Wednesday, February 25th, S. Louise Phanstiel purchased 6,100 shares of Myriad Genetics stock. The stock was acquired at an average cost of $4.74 per share, with a total value of $28,914.00.

Myriad Genetics Stock Performance

Shares of MYGN traded down $0.25 during trading hours on Friday, reaching $4.61. 2,121,107 shares of the company’s stock traded hands, compared to its average volume of 1,197,196. Myriad Genetics, Inc. has a twelve month low of $3.76 and a twelve month high of $11.44. The business’s fifty day simple moving average is $5.65 and its two-hundred day simple moving average is $6.60. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.49 and a quick ratio of 2.12. The firm has a market capitalization of $431.08 million, a price-to-earnings ratio of -1.17 and a beta of 1.90.

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wells Fargo & Company dropped their price target on shares of Myriad Genetics from $6.50 to $6.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Myriad Genetics in a report on Monday, December 29th. UBS Group dropped their price target on Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday. TD Cowen reissued a “hold” rating on shares of Myriad Genetics in a research note on Tuesday, November 4th. Finally, Zacks Research cut Myriad Genetics from a “hold” rating to a “strong sell” rating in a report on Monday, January 19th. Four equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $9.17.

Institutional Trading of Myriad Genetics

Several large investors have recently added to or reduced their stakes in the company. Invesco Ltd. increased its position in Myriad Genetics by 2.4% in the 4th quarter. Invesco Ltd. now owns 507,180 shares of the company’s stock worth $3,119,000 after purchasing an additional 12,026 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in Myriad Genetics by 62.7% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 26,886 shares of the company’s stock worth $165,000 after buying an additional 10,359 shares during the last quarter. Vestal Point Capital LP raised its position in Myriad Genetics by 103.8% during 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 in the last quarter. Tudor Investment Corp ET AL acquired a new stake in Myriad Genetics in the fourth quarter valued at approximately $276,000. Finally, Oxford Asset Management LLP acquired a new stake in Myriad Genetics in the fourth quarter valued at approximately $143,000. 99.02% of the stock is owned by institutional investors and hedge funds.

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.