Myriad Genetics (NASDAQ:MYGN) Updates FY24 Earnings Guidance

Myriad Genetics (NASDAQ:MYGN) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.00 to $0.05 for the period, compared to the consensus earnings per share estimate of $0.03. The company issued revenue guidance of $820 million to $840 million, compared to the consensus revenue estimate of $826.22 million.

Myriad Genetics Stock Performance

Shares of Myriad Genetics stock traded up $0.12 on Friday, reaching $25.37. 410,122 shares of the stock were exchanged, compared to its average volume of 666,383. Myriad Genetics has a twelve month low of $13.82 and a twelve month high of $25.95. The business has a 50 day moving average price of $20.73 and a two-hundred day moving average price of $19.94. The company has a quick ratio of 1.87, a current ratio of 2.01 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of -7.89 and a beta of 1.96.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $202.20 million during the quarter, compared to analyst estimates of $193.51 million. Myriad Genetics had a negative return on equity of 8.03% and a negative net margin of 34.96%. The company’s revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.28) EPS. Analysts anticipate that Myriad Genetics will post -0.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on MYGN shares. SVB Leerink upgraded Myriad Genetics from a market perform rating to an outperform rating and boosted their price objective for the stock from $25.00 to $35.00 in a research note on Wednesday. The Goldman Sachs Group lifted their target price on shares of Myriad Genetics from $28.00 to $31.00 and gave the stock a buy rating in a research note on Monday, January 29th. Finally, Leerink Partnrs upgraded shares of Myriad Genetics from a market perform rating to an outperform rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $24.86.

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.