Myriad Genetics (NASDAQ:MYGN) Updates FY24 Earnings Guidance

Myriad Genetics (NASDAQ:MYGN) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $0.08-0.12 for the period, compared to the consensus earnings per share estimate of $0.03. The company issued revenue guidance of $835-845 million, compared to the consensus revenue estimate of $831.87 million.

Analysts Set New Price Targets

MYGN has been the subject of several research reports. Leerink Partnrs raised Myriad Genetics from a market perform rating to an outperform rating in a research note on Wednesday, May 8th. Piper Sandler lifted their price target on Myriad Genetics from $23.00 to $28.00 and gave the stock a neutral rating in a research note on Monday, May 13th. Scotiabank initiated coverage on Myriad Genetics in a research note on Thursday, June 27th. They set a sector outperform rating and a $29.00 price target for the company. Jefferies Financial Group reaffirmed an underperform rating and set a $20.00 price target (down previously from $25.00) on shares of Myriad Genetics in a research note on Monday, June 3rd. Finally, SVB Leerink raised Myriad Genetics from a market perform rating to an outperform rating and lifted their price target for the stock from $25.00 to $35.00 in a research note on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $25.33.

Myriad Genetics Price Performance

Myriad Genetics stock traded up $0.12 during midday trading on Tuesday, reaching $25.96. 1,405,310 shares of the company were exchanged, compared to its average volume of 733,840. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.82 and a current ratio of 1.99. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of -9.21 and a beta of 1.95. The firm’s 50-day simple moving average is $24.96 and its 200-day simple moving average is $22.86. Myriad Genetics has a 1 year low of $13.82 and a 1 year high of $28.90.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.06. The company had revenue of $211.50 million during the quarter, compared to analysts’ expectations of $206.44 million. Myriad Genetics had a negative return on equity of 6.77% and a negative net margin of 30.30%. The firm’s revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.21) EPS. On average, analysts anticipate that Myriad Genetics will post -0.36 EPS for the current year.

Insider Buying and Selling at Myriad Genetics

In other Myriad Genetics news, CEO Paul J. Diaz sold 75,000 shares of Myriad Genetics stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $25.07, for a total value of $1,880,250.00. Following the completion of the sale, the chief executive officer now owns 1,066,166 shares in the company, valued at approximately $26,728,781.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Daniel K. Spiegelman sold 3,788 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $22.04, for a total transaction of $83,487.52. Following the completion of the sale, the director now owns 36,705 shares in the company, valued at approximately $808,978.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Paul J. Diaz sold 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $25.07, for a total value of $1,880,250.00. Following the transaction, the chief executive officer now directly owns 1,066,166 shares in the company, valued at $26,728,781.62. The disclosure for this sale can be found here. Insiders sold 142,832 shares of company stock worth $3,574,217 in the last 90 days. 2.10% of the stock is owned by company insiders.

Myriad Genetics Company Profile

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.