Myriad Genetics Inc. (NASDAQ: MYGN) stock jumped 0.42% on Friday to $16.61 against a previous-day closing price of $16.54. With 1.47 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.49 million shares. During the session, the Diagnostics & Research company that operates in wider Healthcare sector, reached to the highest price of $17.02 whereas the lowest price it dropped to was $16.39. The 52-week range on MYGN shows that it touched its highest point at $24.21 and its lowest point at $13.92 during that stretch. It currently has a 1-year price target of $21.72. Beta for the stock currently stands at 1.79.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of MYGN was up-trending over the past week, with a rise of 3.88%, but this was down by -1.66% over a month. Three-month performance dropped to -27.59% while six-month performance fell -30.03%. The stock lost -24.29% in the past year, while it has gained 14.47% so far this year. A look at the trailing 12-month EPS for MYGN yields -3.05 with Next year EPS estimates of -0.01. For the next quarter, that number is -0.08. This implies an EPS growth rate of -342.40% for this year and 96.80% for next year. EPS is expected to decline by -8.20% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of -24.50%.
Float and Shares Shorts:
At present, 81.70 million MYGN shares are outstanding with a float of 80.07 million shares on hand for trading. On Aug 30, 2023, short shares totaled 4.46 million, which was 5.45% higher than short shares on Jul 30, 2023. In addition to Mr. Paul J. Diaz as the firm’s CEO, Pres & Director, Mr. R. Bryan Riggsbee serves as its Exec. VP, CFO & Treasurer.
Through their ownership of 103.01% of MYGN’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 8.29% of MYGN, in contrast to 51.06% held by mutual funds. Shares owned by individuals account for 48.72%. As the largest shareholder in MYGN with 15.65% of the stake, BlackRock Fund Advisors holds 12,813,084 shares worth 12,813,084. A second-largest stockholder of MYGN, The Vanguard Group, Inc., holds 9,013,760 shares, controlling over 11.01% of the firm’s shares. Camber Capital Management LP is the third largest shareholder in MYGN, holding 6,635,000 shares or 8.10% stake. With a 7.04% stake in MYGN, the iShares Core S&P Small Cap ETF is the largest stakeholder. A total of 5,766,802 shares are owned by the mutual fund manager. The Vanguard Explorer Fund, which owns about 4.51% of MYGN stock, is the second-largest Mutual Fund holder. It holds 3,693,440 shares valued at 65.93 million. Vanguard Total Stock Market ETF holds 2.95% of the stake in MYGN, owning 2,412,434 shares worth 43.06 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, MYGN reported revenue of $179.30M and operating income of -$17.80M. The EBITDA in the recently reported quarter was -$4.40M and diluted EPS was -$0.18.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for MYGN since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With MYGN analysts setting a high price target of $27.00 and a low target of $13.00, the average target price over the next 12 months is $21.72. Based on these targets, MYGN could surge 62.55% to reach the target high and fall by -21.73% to reach the target low. Reaching the average price target will result in a growth of 30.76% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded MYGN stock several times over the past three months with 0 Buys and 2 Sells. In these transactions, 0 shares were bought while 74,235 shares were sold. The number of buy transactions has increased to 19 while that of sell transactions has risen to 65 over the past year. The total number of shares bought during that period was 567,208 while 333,581 shares were sold.