Myriad Genetics, Inc. (NASDAQ:MYGN) Short Interest Up 41.7% in May

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) was the recipient of a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 7,920,000 shares, a growth of 41.7% from the April 30th total of 5,590,000 shares. Based on an average trading volume of 1,920,000 shares, the short-interest ratio is currently 4.1 days. Approximately 8.9% of the shares of the company are sold short.

Hedge Funds Weigh In On Myriad Genetics

Hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its position in shares of Myriad Genetics by 14.1% in the fourth quarter. Blue Trust Inc. now owns 14,451 shares of the company's stock valued at $198,000 after purchasing an additional 1,788 shares during the last quarter. Jennison Associates LLC grew its holdings in Myriad Genetics by 3.0% during the 1st quarter. Jennison Associates LLC now owns 60,811 shares of the company's stock valued at $539,000 after buying an additional 1,796 shares during the last quarter. Swiss National Bank grew its holdings in Myriad Genetics by 1.0% during the 4th quarter. Swiss National Bank now owns 178,600 shares of the company's stock valued at $2,449,000 after buying an additional 1,800 shares during the last quarter. Bank of New York Mellon Corp increased its position in Myriad Genetics by 0.4% during the 4th quarter. Bank of New York Mellon Corp now owns 646,003 shares of the company's stock worth $8,857,000 after purchasing an additional 2,256 shares in the last quarter. Finally, Sterling Capital Management LLC raised its stake in Myriad Genetics by 829.9% in the 4th quarter. Sterling Capital Management LLC now owns 2,864 shares of the company's stock valued at $39,000 after purchasing an additional 2,556 shares during the last quarter. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

Myriad Genetics Price Performance

Shares of MYGN stock traded up $0.42 during midday trading on Tuesday, reaching $4.88. 4,133,870 shares of the company traded hands, compared to its average volume of 1,189,610. The firm's 50 day simple moving average is $6.48 and its two-hundred day simple moving average is $10.82. The firm has a market cap of $449.82 million, a PE ratio of -3.75 and a beta of 2.01. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. Myriad Genetics has a 1-year low of $3.81 and a 1-year high of $29.30.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The firm had revenue of $195.90 million during the quarter, compared to analysts' expectations of $200.37 million. Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. Myriad Genetics's revenue was down 33.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.01) earnings per share. On average, equities research analysts expect that Myriad Genetics will post -0.3 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Piper Sandler decreased their price objective on Myriad Genetics from $12.50 to $9.00 and set an "overweight" rating for the company in a research report on Thursday, May 15th. Craig Hallum set a $18.00 price target on Myriad Genetics and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Wells Fargo & Company lowered shares of Myriad Genetics from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $22.00 to $6.00 in a research report on Wednesday, May 7th. UBS Group cut their price objective on shares of Myriad Genetics from $16.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Finally, Wolfe Research cut shares of Myriad Genetics from an "outperform" rating to a "peer perform" rating in a research note on Thursday, May 8th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $14.79.

Myriad Genetics Company Profile

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.