Myriad Genetics (NASDAQ:MYGN) Updates FY24 Earnings Guidance

Myriad Genetics (NASDAQ:MYGN) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.12-0.14 for the period, compared to the consensus estimate of $0.10. The company issued revenue guidance of $837-843 million, compared to the consensus revenue estimate of $841.46 million.

Myriad Genetics Stock Down 1.5 %

MYGN traded down $0.26 during midday trading on Friday, reaching $17.41. 1,280,071 shares of the company were exchanged, compared to its average volume of 844,648. Myriad Genetics has a one year low of $15.99 and a one year high of $29.30. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.78 and a current ratio of 1.96. The company’s fifty day moving average price is $24.54 and its 200 day moving average price is $24.73. The company has a market cap of $1.58 billion, a price-to-earnings ratio of -9.62 and a beta of 1.93.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Piper Sandler upped their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Morgan Stanley assumed coverage on shares of Myriad Genetics in a research report on Thursday, September 19th. They issued an “equal weight” rating and a $32.00 price objective for the company. TD Cowen lifted their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Wells Fargo & Company assumed coverage on Myriad Genetics in a report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 target price for the company. Finally, Scotiabank lifted their price target on Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $28.91.

Insider Activity at Myriad Genetics

In other Myriad Genetics news, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction of $270,500.00. Following the sale, the director now owns 121,648 shares in the company, valued at $3,290,578.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Colleen F. Reitan sold 46,012 shares of Myriad Genetics stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the completion of the sale, the director now owns 42,533 shares in the company, valued at approximately $1,188,797.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Heinrich Dreismann sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction of $270,500.00. Following the completion of the transaction, the director now owns 121,648 shares in the company, valued at approximately $3,290,578.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,012 shares of company stock worth $1,900,485. Corporate insiders own 2.10% of the company’s stock.

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.