Myriad Genetics (MYGN) Set to Announce Earnings on Tuesday

Myriad Genetics (NASDAQ:MYGN) will release its earnings data after the market closes on Tuesday, August 6th. Analysts expect Myriad Genetics to post earnings of ($0.01) per share for the quarter. Myriad Genetics has set its FY24 guidance at $0.00 to $0.05 EPS.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.09. Myriad Genetics had a negative return on equity of 6.77% and a negative net margin of 30.30%. The firm had revenue of $202.20 million for the quarter, compared to analysts’ expectations of $193.51 million. During the same period last year, the business posted ($0.28) earnings per share. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, analysts expect Myriad Genetics to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Myriad Genetics Stock Performance

Shares of NASDAQ MYGN traded down $0.08 during midday trading on Wednesday, reaching $27.73. 72,771 shares of the company traded hands, compared to its average volume of 719,741. The stock has a 50-day moving average price of $24.67 and a 200 day moving average price of $22.66. The company has a market cap of $2.51 billion, a price-to-earnings ratio of -9.86 and a beta of 1.95. Myriad Genetics has a 52 week low of $13.82 and a 52 week high of $28.90. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.99 and a quick ratio of 1.82.

Insider Buying and Selling at Myriad Genetics

In other Myriad Genetics news, Director Daniel K. Spiegelman sold 3,788 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were 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 directly owns 36,705 shares in the company, valued at $808,978.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Myriad Genetics news, CEO Paul J. Diaz sold 75,000 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $26,728,781.62. The sale 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 company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $22.04, for a total value of $83,487.52. Following the completion of the transaction, the director now directly owns 36,705 shares in the company, valued at $808,978.20. The disclosure for this sale can be found here. Insiders have sold a total of 142,832 shares of company stock valued at $3,574,217 in the last three months. 2.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

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

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.