Leerink Partnrs Weighs in on Myriad Genetics FY2024 Earnings

Myriad Genetics, Inc. (NASDAQ:MYGN) – Analysts at Leerink Partnrs increased their FY2024 earnings estimates for Myriad Genetics in a research note issued on Tuesday, January 21st. Leerink Partnrs analyst P. Souda now anticipates that the company will post earnings per share of ($0.28) for the year, up from their prior forecast of ($0.30). Leerink Partnrs has a “Hold” rating on the stock. The consensus estimate for Myriad Genetics’ current full-year earnings is ($0.28) per share. Leerink Partnrs also issued estimates for Myriad Genetics’ Q4 2024 earnings at ($0.04) EPS, Q1 2025 earnings at ($0.08) EPS, Q2 2025 earnings at ($0.06) EPS, Q3 2025 earnings at ($0.05) EPS, Q4 2025 earnings at ($0.04) EPS and FY2025 earnings at ($0.23) EPS.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.08). The business had revenue of $213.30 million for the quarter, compared to the consensus estimate of $209.82 million. Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. During the same quarter in the previous year, the business posted ($0.17) EPS.

MYGN has been the subject of several other research reports. Piper Sandler cut their price target on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating for the company in a report on Monday, November 11th. UBS Group initiated coverage on shares of Myriad Genetics in a research note on Tuesday, December 10th. They set a “neutral” rating and a $18.00 target price for the company. Bank of America decreased their price target on shares of Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating on the stock in a research note on Friday, December 13th. Stephens restated an “equal weight” rating and set a $20.00 price objective on shares of Myriad Genetics in a research report on Thursday, January 16th. Finally, Morgan Stanley reduced their price objective on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a report on Monday, November 18th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $23.92.

Myriad Genetics Price Performance

Shares of NASDAQ MYGN opened at $12.28 on Thursday. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. Myriad Genetics has a 12 month low of $12.17 and a 12 month high of $29.30. The stock has a 50 day moving average of $14.44 and a 200-day moving average of $21.61.

Hedge Funds Weigh In On Myriad Genetics

A number of hedge funds have recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd acquired a new stake in shares of Myriad Genetics during the 3rd quarter worth $32,000. GAMMA Investing LLC lifted its position in Myriad Genetics by 34.1% during the third quarter. GAMMA Investing LLC now owns 1,620 shares of the company’s stock worth $44,000 after purchasing an additional 412 shares during the period. Point72 DIFC Ltd acquired a new stake in Myriad Genetics during the second quarter worth about $60,000. KBC Group NV increased its holdings in Myriad Genetics by 132.8% in the 4th quarter. KBC Group NV now owns 5,845 shares of the company’s stock valued at $80,000 after buying an additional 3,334 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Myriad Genetics in the 2nd quarter valued at about $82,000. Institutional investors own 99.02% 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.