Myriad Genetics (NASDAQ:MYGN) Announces Quarterly Earnings Results, Beats Expectations By $0.06 EPS

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

Myriad Genetics Trading Up 0.5 %

Shares of MYGN stock traded up $0.12 during trading hours on Tuesday, reaching $25.96. 1,405,310 shares of the stock traded hands, compared to its average volume of 733,840. The company has a quick ratio of 1.82, a current ratio of 1.99 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $2.35 billion, a PE ratio of -9.21 and a beta of 1.95. Myriad Genetics has a 1-year low of $13.82 and a 1-year high of $28.90. The business has a fifty day moving average price of $24.96 and a 200 day moving average price of $22.86.

Insider Buying and Selling

In other Myriad Genetics news, Director Lee Nisley Newcomer sold 6,200 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $25.30, for a total transaction of $156,860.00. Following the sale, the director now directly owns 66,650 shares of the company’s stock, valued at approximately $1,686,245. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Myriad Genetics news, Director Lee Nisley Newcomer sold 6,200 shares of Myriad Genetics stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $25.30, for a total transaction of $156,860.00. Following the transaction, the director now owns 66,650 shares of the company’s stock, valued at approximately $1,686,245. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Paul J. Diaz sold 57,844 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $25.13, for a total transaction of $1,453,619.72. Following the completion of the sale, the chief executive officer now directly owns 1,236,166 shares of the company’s stock, valued at $31,064,851.58. The disclosure for this sale can be found here. In the last 90 days, insiders sold 142,832 shares of company stock valued at $3,574,217. Company insiders own 2.10% of the company’s stock.

Analyst Ratings Changes

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