Myriad Genetics (NASDAQ:MYGN) Updates 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 (EPS) guidance of 0.080-0.120 for the period, compared to the consensus 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.

Myriad Genetics Price Performance

MYGN stock traded up $0.19 during mid-day trading on Friday, hitting $27.86. The stock had a trading volume of 256,606 shares, compared to its average volume of 734,944. The company has a current ratio of 1.99, a quick ratio of 1.82 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $2.52 billion, a P/E ratio of -9.81 and a beta of 1.95. The firm has a fifty day simple moving average of $25.19 and a 200 day simple moving average of $22.95. Myriad Genetics has a 52 week low of $13.82 and a 52 week high of $28.90.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.06. Myriad Genetics had a negative return on equity of 6.77% and a negative net margin of 30.30%. The company had revenue of $211.50 million for the quarter, compared to analysts’ expectations of $206.44 million. During the same period in the previous year, the business posted ($0.21) earnings per share. The business’s quarterly revenue was up 15.3% compared to the same quarter last year. As a group, research analysts forecast that Myriad Genetics will post -0.36 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Piper Sandler raised their price objective on Myriad Genetics from $23.00 to $28.00 and gave the stock a neutral rating in a research report on Monday, May 13th. Leerink Partnrs upgraded Myriad Genetics from a market perform rating to an outperform rating in a report on Wednesday, May 8th. JPMorgan Chase & Co. increased their price target on Myriad Genetics from $17.00 to $20.00 and gave the stock an underweight rating in a report on Wednesday. Jefferies Financial Group reiterated 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. Finally, SVB Leerink upgraded shares of Myriad Genetics from a market perform rating to an outperform rating and raised their price target for the stock from $25.00 to $35.00 in a report on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $26.40.

Insider Transactions at Myriad Genetics

In related news, Director Daniel K. Spiegelman sold 3,788 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $22.04, for a total value of $83,487.52. Following the sale, the director now directly 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 hyperlink. In other news, Director Lee Nisley Newcomer sold 6,200 shares of the company’s stock in a transaction dated Monday, May 13th. The stock was 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 directly owns 66,650 shares in the company, valued at approximately $1,686,245. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel K. Spiegelman sold 3,788 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $808,978.20. The disclosure for this sale can be found here. Insiders have sold 142,832 shares of company stock worth $3,574,217 in the last ninety days. Company insiders own 2.10% of the company’s stock.

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.