Myriad Genetics (NASDAQ:MYGN) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Myriad Genetics (NASDAQ:MYGN) issued its quarterly earnings results on Tuesday. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.09, Briefing.com reports. Myriad Genetics had a negative return on equity of 8.03% and a negative net margin of 34.96%. The company had revenue of $202.20 million for the quarter, compared to analysts’ expectations of $193.51 million. During the same period in the prior year, the firm earned ($0.28) earnings per share. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. Myriad Genetics updated its FY24 guidance to $0.00 to $0.05 EPS.

Myriad Genetics Stock Up 3.8 %

Shares of MYGN traded up $0.90 on Thursday, hitting $24.85. 131,657 shares of the stock traded hands, compared to its average volume of 658,204. Myriad Genetics has a one year low of $13.82 and a one year high of $24.92. The company has a market capitalization of $2.25 billion, a PE ratio of -7.48 and a beta of 1.96. The business has a 50 day simple moving average of $20.64 and a 200 day simple moving average of $19.91. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.87 and a current ratio of 2.01.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MYGN shares. SVB Leerink upgraded shares of 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. Leerink Partnrs upgraded Myriad Genetics from a “market perform” rating to an “outperform” rating in a research note on Wednesday. Finally, The Goldman Sachs Group raised their price objective on Myriad Genetics from $28.00 to $31.00 and gave the company a “buy” rating in a research report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $24.86.

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.