Myriad Genetics, Inc. (MYGN) Trading Up 6.5% Following Strong Earnings
Myriad Genetics, Inc. (NASDAQ:MYGN) was up 6.5% during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $30.47 and last traded at $30.30. Approximately 1,901,180 shares were traded during trading, an increase of 98% from the average daily volume of 961,910 shares. The stock had previously closed at $28.45.
The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.05. Myriad Genetics had a return on equity of 9.67% and a net margin of 2.83%. The firm had revenue of $190.20 million for the quarter, compared to the consensus estimate of $183.52 million. During the same quarter in the prior year, the business earned $0.23 earnings per share. The company’s revenue was up 7.2% compared to the same quarter last year.
A number of analysts have recently commented on MYGN shares. Zacks Investment Research upgraded Myriad Genetics from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research note on Monday, July 17th. Morgan Stanley reaffirmed an “underweight” rating and issued a $24.00 price target (up previously from $17.00) on shares of Myriad Genetics in a report on Friday, October 6th. BidaskClub cut Myriad Genetics from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. Cowen and Company reaffirmed a “hold” rating and issued a $25.00 price target on shares of Myriad Genetics in a report on Friday, July 14th. Finally, Leerink Swann reaffirmed a “market perform” rating and issued a $31.00 price target on shares of Myriad Genetics in a report on Monday, October 2nd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $26.40.
In related news, Director John T. Henderson sold 30,000 shares of the company’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $30.30, for a total value of $909,000.00. Following the completion of the transaction, the director now owns 52,524 shares of the company’s stock, valued at approximately $1,591,477.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 6.70% of the company’s stock.
Several institutional investors have recently made changes to their positions in the business. Commonwealth Equity Services Inc acquired a new position in shares of Myriad Genetics during the third quarter valued at approximately $202,000. Russell Investments Group Ltd. raised its holdings in shares of Myriad Genetics by 7.3% during the third quarter. Russell Investments Group Ltd. now owns 1,151,915 shares of the company’s stock valued at $41,676,000 after acquiring an additional 78,798 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in shares of Myriad Genetics during the third quarter valued at approximately $204,000. Rhumbline Advisers raised its holdings in shares of Myriad Genetics by 2.7% during the third quarter. Rhumbline Advisers now owns 137,380 shares of the company’s stock valued at $4,970,000 after acquiring an additional 3,575 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its holdings in shares of Myriad Genetics by 60.2% during the third quarter. Municipal Employees Retirement System of Michigan now owns 25,760 shares of the company’s stock valued at $932,000 after acquiring an additional 9,680 shares during the last quarter.
The company has a market capitalization of $2,070.00, a price-to-earnings ratio of 26.84, a P/E/G ratio of 1.83 and a beta of 0.24. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.26 and a current ratio of 1.46.
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About Myriad Genetics
Myriad Genetics, Inc is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. The Company operates through two segments: diagnostics and other. The diagnostics segment provides testing and collaborative development of testing that is designed to assess an individual’s risk for developing disease later in life, identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing to enable optimal treatment, or assess a patient’s risk of disease progression and disease recurrence.
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