Skip to main content
Premium Trial:

Request an Annual Quote

Myriad Genetics Adds $200M to Share Repurchase Program

NEW YORK (GenomeWeb) – Myriad Genetics announced today that its board has approved an additional $200 million for its share buyback program.

Since the inception of the repurchase program in 2010, the company said it has bought back approximately $1.1 billion in stock as of the end of its fiscal third quarter at an average share price of $26.16. When reporting its Q3 earnings a month ago, the firm said it bought back approximately 1.2 million shares, or $45 million worth, of common stock during the quarter, and ended Q3 with around $47 million in its current share repurchase authorization.

"Our priorities for capital deployment remain the same. First, internal research and development, followed by acquisitions, and lastly, share repurchases," said CFO Bryan Riggsbee in a statement. "We will continue to opportunistically repurchase shares at valuation thresholds that we believe do not reflect the inherent value of the company and as we look to deploy our capital most effectively to maximize shareholder returns over the long-term."

Myriad's shares were up more than 2 percent to $35.22 in morning trading on the Nasdaq.

The Scan

New Study Investigates Genomics of Fanconi Anemia Repair Pathway in Cancer

A Rockefeller University team reports in Nature that FA repair deficiency leads to structural variants that can contribute to genomic instability.

Study Reveals Potential Sex-Specific Role for Noncoding RNA in Depression

A long, noncoding RNA called FEDORA appears to be a sex-specific regulator of major depressive disorder, affecting more women, researchers report in Science Advances.

New mRNA Vaccines Offer Hope for Fighting Malaria

A George Washington University-led team has developed mRNA vaccines for malaria that appear to provide protection in mice, as they report in NPJ Vaccines.

Unique Germline Variants Found Among Black Prostate Cancer Patients

Through an exome sequencing study appearing in JCO Precision Oncology, researchers have found unique pathogenic or likely pathogenic variants within a cohort of Black prostate cancer patients.