Paul J. Diaz, the President and CEO of Myriad Genetics Inc. (NASDAQ:MYGN), has recently sold a significant portion of his stock in the company. Over a span of three days, Diaz sold a total of 227,844 shares, accumulating over $5.7 million from the sales.
The transactions took place between May 13 and May 15, with the prices of the shares ranging from $25.0722 to $25.2084. On the first day, Diaz sold 57,844 shares at a weighted average price of $25.1288. The following day, he parted with an additional 95,000 shares at an average of $25.2084 each. The final sale on May 15 involved 75,000 shares at a weighted average of $25.0722.
Investors may note that the prices reported are weighted averages, and the shares were sold in multiple transactions at prices within the stated range. Diaz has committed to providing full information regarding the number of shares sold at each separate price within the range upon request.
Following these transactions, Diaz still retains a substantial stake in the company with 1,066,166 shares of Myriad Genetics' common stock. These sales are part of the normal course of action for many executives and are publicly reported to maintain transparency and comply with regulations.
Myriad Genetics, headquartered in Salt Lake City, Utah, specializes in in vitro and in vivo diagnostic substances. The company continues to be a leader in the field of personalized medicine, offering a range of predictive, personalized, and prognostic tests to help guide patient care.
Investors and followers of Myriad Genetics will be watching to see how these transactions might influence the company's stock performance and Diaz's future involvement with the company.
InvestingPro Insights
As investors digest the news of CEO Paul J. Diaz's recent stock sales of Myriad Genetics Inc. (NASDAQ:MYGN), it is valuable to consider the current financial health and market performance of the company. With a market capitalization of $2.23 billion, Myriad Genetics is a significant player in the personalized medicine space. Despite not being profitable over the last twelve months, analysts predict the company will turn a profit this year. This optimism is reflected in the stock's robust return of 28.64% over the past month, indicating strong investor confidence.
Indeed, Myriad Genetics has seen an impressive price uptick of 41.56% over the last six months and is trading near its 52-week high, with the price at 95.03% of this high. The company's revenue growth also remains solid, with an 11.44% increase over the last twelve months as of Q1 2024. However, with a negative operating income margin of -14.76%, it's clear that profitability is an area that requires attention.
InvestingPro Tips suggest that the stock's price movements have been quite volatile, and the Relative Strength Index (RSI) indicates that the stock is currently in overbought territory. These factors are crucial for investors to consider, especially when evaluating the timing of their investment decisions.
For those looking to delve deeper into Myriad Genetics' financials and stock performance, InvestingPro offers additional tips and insights. There are currently 7 more InvestingPro Tips available for MYGN, including analysis on debt levels and dividend policies. Interested investors can explore these tips by visiting https://www.investing.com/pro/MYGN and can benefit from an additional 10% off a yearly or biyearly Pro and Pro+ subscription with the coupon code PRONEWS24.
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