Myriad Genetics (NASDAQ:MYGN) Releases Quarterly Earnings Results, Misses Expectations By $0.12 EPS

Myriad Genetics (NASDAQ:MYGN) released its quarterly earnings data on Monday. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.12), Zacks reports. Myriad Genetics had a negative net margin of 47.45% and a negative return on equity of 5.17%.

Myriad Genetics Price Performance

Shares of Myriad Genetics stock traded up $0.14 during midday trading on Monday, reaching $8.18. The company had a trading volume of 1,861,697 shares, compared to its average volume of 1,626,857. The firm has a market cap of $761.11 million, a PE ratio of -1.91 and a beta of 1.97. The stock has a fifty day moving average price of $7.44 and a 200 day moving average price of $6.04. Myriad Genetics has a fifty-two week low of $3.76 and a fifty-two week high of $19.60.

Hedge Funds Weigh In On Myriad Genetics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Baird Financial Group Inc. bought a new position in Myriad Genetics during the first quarter worth $105,000. Royal Bank of Canada boosted its position in shares of Myriad Genetics by 82.4% during the 1st quarter. Royal Bank of Canada now owns 33,326 shares of the company’s stock worth $296,000 after purchasing an additional 15,057 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Myriad Genetics by 278.9% in the 1st quarter. AQR Capital Management LLC now owns 433,392 shares of the company’s stock valued at $3,844,000 after buying an additional 319,007 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Myriad Genetics by 4.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 299,256 shares of the company’s stock valued at $2,654,000 after buying an additional 14,027 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in Myriad Genetics by 1,076.9% during the 1st quarter. Jane Street Group LLC now owns 213,826 shares of the company’s stock worth $1,897,000 after buying an additional 195,658 shares during the period. 99.02% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Myriad Genetics in a research note on Tuesday, October 14th. Four investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $12.45.

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.