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.