Myriad Genetics CEO Buys 40,000 Shares, Shares Jump 6.9%
Shares of Myriad Genetics climbed 6.9% after CEO Samraat Raha acquired 40,000 shares for roughly $200,000 at about $5 each, boosting his stake to 493,104 shares. The company’s shares have fallen 16% year-to-date and trade more than 50% below their 52-week high.
1. Executive Share Purchase
Myriad Genetics President and CEO Samraat Raha purchased 40,000 shares for approximately $200,000 at an average price near $5.00 per share, raising his direct ownership to 493,104 shares. This substantial insider purchase is often interpreted by investors as a vote of confidence in the company’s future prospects.
2. Stock Performance and Volatility
Following the disclosure, Myriad Genetics shares surged 6.9% in the afternoon session. The stock has declined 16% since the start of the year, trades over 50% below its 52-week high, and has experienced 46 moves greater than 5% in the past 12 months, underscoring its significant volatility.