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

Myriad Genetics (NASDAQ:MYGN) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 0.080-0.120 for the period, compared to the consensus earnings per share estimate of 0.030. The company issued revenue guidance of $835.0 million-$845.0 million, compared to the consensus revenue estimate of $831.7 million. Myriad Genetics also updated its FY24 guidance to $0.08-0.12 EPS.

Analyst Ratings Changes

MYGN has been the subject of a number of research reports. SVB Leerink upgraded Myriad Genetics from a market perform rating to an outperform rating and upped their price objective for the stock from $25.00 to $35.00 in a report on Wednesday, May 8th. Scotiabank initiated coverage on shares of Myriad Genetics in a report on Thursday, June 27th. They issued a sector outperform rating and a $29.00 price objective for the company. 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. Leerink Partnrs upgraded shares of Myriad Genetics from a market perform rating to an outperform rating in a research report on Wednesday, May 8th. Finally, Piper Sandler upped their price target on shares of Myriad Genetics from $23.00 to $28.00 and gave the company a neutral rating in a research report on Monday, May 13th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to MarketBeat, Myriad Genetics has a consensus rating of Hold and a consensus price target of $25.33.

Myriad Genetics Stock Up 0.5 %

Shares of NASDAQ:MYGN traded up $0.12 during trading on Tuesday, hitting $25.96. The stock had a trading volume of 1,405,310 shares, compared to its average volume of 733,840. Myriad Genetics has a 12 month low of $13.82 and a 12 month high of $28.90. The company has a market capitalization of $2.35 billion, a PE ratio of -9.21 and a beta of 1.95. The firm’s fifty day moving average is $25.01 and its 200 day moving average is $22.89. The company has a quick ratio of 1.82, a current ratio of 1.99 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.06. The company had revenue of $211.50 million for the quarter, compared to the consensus estimate of $206.44 million. Myriad Genetics had a negative net margin of 30.30% and a negative return on equity of 6.77%. Myriad Genetics’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.21) EPS. Analysts anticipate that Myriad Genetics will post -0.36 EPS for the current fiscal year.

Insider Transactions at Myriad Genetics

In other news, Director Daniel K. Spiegelman sold 3,788 shares of Myriad Genetics stock in a transaction 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 transaction, the director now owns 36,705 shares in the company, valued at approximately $808,978.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Myriad Genetics news, Director Daniel K. Spiegelman sold 3,788 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $22.04, for a total value of $83,487.52. Following the completion of the sale, the director now owns 36,705 shares in the company, valued at approximately $808,978.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lee Nisley Newcomer sold 6,200 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $25.30, for a total value of $156,860.00. Following the completion of the transaction, the director now owns 66,650 shares in the company, valued at $1,686,245. The disclosure for this sale can be found here. Insiders sold 142,832 shares of company stock worth $3,574,217 over the last three months. 2.10% of the stock is currently owned by company insiders.

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.