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In a recent transaction, Rashmi Kumar, a director at Myriad Genetics Inc. (NASDAQ:MYGN), sold 7,500 shares of the company's stock, according to a Form 4 filed with the Securities and Exchange Commission. The sale, which took place on August 19, 2024, was executed at a price of $28.01 per share, resulting in a total transaction value of $210,075.
The transaction was carried out under a pre-arranged trading plan, which allows company insiders to sell shares at predetermined times to avoid any accusations of insider trading. This plan, known as Rule 10b5-1, is a common strategy used by corporate executives and directors to sell their holdings in a manner that is compliant with SEC regulations.
Following the sale, Kumar's remaining stake in Myriad Genetics consists of 77,392 shares of common stock. The company, which specializes in in vitro and in vivo diagnostic substances, is incorporated in Delaware and has its headquarters in Salt Lake City, Utah.
Investors and market watchers often pay close attention to insider transactions as they can provide insights into the executives' perspective on the company's current valuation and future prospects. However, such transactions are not necessarily indicative of future stock performance and may be subject to various personal financial considerations of the individual executives.
Myriad Genetics has not issued any official statement regarding this transaction at the time of reporting. The details of the sale are publicly available and can be reviewed by investors seeking to understand the trading activities of the company's insiders.
In other recent news, Myriad Genetics has been the subject of significant financial attention following its robust performance in the second quarter of 2024, which exceeded expectations and prompted an upward adjustment of its full-year guidance. The company reported a year-over-year revenue increase of 19% in Hereditary Cancer Testing and a 29% rise in Prenatal revenues, with overall test volumes expanding by 9% compared to the previous year. Scotiabank increased its price target for Myriad Genetics from $29.00 to $34.00, maintaining a Sector Outperform rating, while Jefferies and TD Cowen also raised their target prices.
Myriad Genetics is prepping for the commercial launch of its pipeline products, including FirstGene, Precise Liquid, and Precise MRD, anticipated to roll out between 2025 and early 2026. These products are not currently included in the company's projected long-term revenue compound annual growth rate (CAGR) of approximately 12%.
In addition to these developments, Myriad Genetics secured a new patent for its molecular residual disease assay technology. The company's 2024 revenue guidance has been revised to $835-845 million, and earnings per share estimates have been increased from $0.08 to $0.12. These recent developments highlight the ongoing growth and financial performance of Myriad Genetics.
InvestingPro Insights
Amidst the insider trading activity at Myriad Genetics Inc. (NASDAQ:MYGN), the InvestingPro platform has surfaced some key data points and insights that may interest investors. Notably, Myriad Genetics has been the subject of upward earnings revisions by analysts for the upcoming period, which could signal confidence in the company's future financial performance. Additionally, the company's stock has been characterized by low price volatility, suggesting a relative steadiness in its share price movements.
From a financial standpoint, Myriad Genetics boasts a revenue growth of 14.78% for the last twelve months as of Q2 2024, reflecting a healthy increase that could be a positive sign for investors. The company's gross profit margin stands at a robust 69.07%, indicating a strong ability to retain earnings after the cost of goods sold is accounted for. Despite not being profitable over the last twelve months, analysts predict the company will turn a profit this year, which could be a pivotal point for Myriad Genetics. However, the company does not pay a dividend, which means investors are likely looking for capital gains as a return on their investment.
With a market capitalization of $2.51 billion and a price currently near its 52-week high, Myriad Genetics is trading at 95.64% of its highest value over the past year. The stock's previous close was at $28.26, and the average daily volume over the past three months has been around 0.78 million USD. The next earnings date is set for November 5, 2024, which will be a key event for shareholders and potential investors to watch.
For those seeking more detailed analysis and additional InvestingPro Tips, Myriad Genetics Inc. is featured on the platform with further insights available at https://www.investing.com/pro/MYGN. Currently, there are 9 additional tips listed on InvestingPro to help investors make more informed decisions.
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