Myriad Genetics (NASDAQ:MYGN) Issues FY 2024 Earnings Guidance

Myriad Genetics (NASDAQ:MYGN) issued an update on its FY 2024 earnings guidance on Saturday morning. The company provided earnings per share guidance of 0.120-0.140 for the period, compared to the consensus earnings per share estimate of 0.100. The company issued revenue guidance of $837.0 million-$843.0 million, compared to the consensus revenue estimate of $841.4 million.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MYGN shares. Scotiabank boosted their price objective on shares of Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, August 13th. Morgan Stanley decreased their price target on shares of Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a research report on Monday, November 18th. Piper Sandler cut their price objective on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating on the stock in a research report on Monday, November 11th. Wells Fargo & Company initiated coverage on Myriad Genetics in a research note on Tuesday, August 27th. They set an “overweight” rating and a $35.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their target price on Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $27.36.

Myriad Genetics Stock Down 0.1 %

MYGN stock opened at $16.27 on Monday. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. The firm has a 50 day simple moving average of $21.06 and a 200-day simple moving average of $24.17. The company has a market capitalization of $1.48 billion, a P/E ratio of -12.52 and a beta of 1.93. Myriad Genetics has a twelve month low of $14.72 and a twelve month high of $29.30.

Insiders Place Their Bets

In related news, CEO Paul J. Diaz sold 15,000 shares of the business’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $22.93, for a total value of $343,950.00. Following the completion of the sale, the chief executive officer now directly owns 962,378 shares of the company’s stock, valued at $22,067,327.54. The trade was a 1.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the transaction, the director now directly owns 121,648 shares in the company, valued at approximately $3,290,578.40. This represents a 7.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,012 shares of company stock valued at $1,900,485 in the last ninety days. Corporate insiders own 2.10% of the company’s stock.

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.