Myriad Genetics (NASDAQ:MYGN) Announces Quarterly Earnings Results

Myriad Genetics (NASDAQ:MYGN) issued its quarterly earnings data on Tuesday. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.06, Briefing.com reports. The firm had revenue of $211.50 million during the quarter, compared to the consensus estimate of $206.44 million. Myriad Genetics had a negative net margin of 30.30% and a negative return on equity of 6.77%. The business’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period last year, the business posted ($0.21) earnings per share. Myriad Genetics updated its FY24 guidance to $0.08-0.12 EPS.

Myriad Genetics Price Performance

NASDAQ:MYGN traded up $0.12 during mid-day trading on Tuesday, reaching $25.96. The stock had a trading volume of 1,405,310 shares, compared to its average volume of 733,840. The stock has a 50-day simple moving average of $24.96 and a two-hundred day simple moving average of $22.86. The stock has a market capitalization of $2.35 billion, a PE ratio of -9.21 and a beta of 1.95. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.99 and a quick ratio of 1.82. Myriad Genetics has a 12 month low of $13.82 and a 12 month high of $28.90.

Insider Activity at Myriad Genetics

In other Myriad Genetics news, CEO Paul J. Diaz sold 75,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $25.07, for a total transaction of $1,880,250.00. Following the sale, the chief executive officer now owns 1,066,166 shares of the company’s stock, valued at $26,728,781.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Myriad Genetics news, CEO Paul J. Diaz sold 75,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $25.07, for a total transaction of $1,880,250.00. Following the sale, the chief executive officer now owns 1,066,166 shares of the company’s stock, valued at $26,728,781.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Daniel K. Spiegelman sold 3,788 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $22.04, for a total transaction of $83,487.52. Following the sale, the director now directly owns 36,705 shares in the company, valued at approximately $808,978.20. The disclosure for this sale can be found here. Insiders have sold 142,832 shares of company stock valued at $3,574,217 over the last three months. 2.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. SVB Leerink upgraded shares of Myriad Genetics from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $25.00 to $35.00 in a research report on Wednesday, May 8th. Leerink Partnrs upgraded shares of Myriad Genetics from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 8th. Scotiabank assumed coverage on shares of Myriad Genetics in a research report on Thursday, June 27th. They set a “sector outperform” rating and a $29.00 price objective for the company. Piper Sandler raised their target price on shares of Myriad Genetics from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, May 13th. Finally, Jefferies Financial Group reaffirmed an “underperform” rating and set a $20.00 target price (down from $25.00) on shares of Myriad Genetics in a report on Monday, June 3rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $25.33.

About Myriad Genetics

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.