Myriad Genetics (NASDAQ:MYGN) Releases FY 2024 Earnings Guidance

Myriad Genetics (NASDAQ:MYGNGet Free Report) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 0.000-0.050 for the period, compared to the consensus estimate of -0.010. The company issued revenue guidance of $820.0 million-$840.0 million, compared to the consensus revenue estimate of $819.3 million. Myriad Genetics also updated its FY24 guidance to $0.00-$0.05 EPS.

Wall Street Analyst Weigh In

Several brokerages recently commented on MYGN. The Goldman Sachs Group boosted their price target on Myriad Genetics from $28.00 to $31.00 and gave the stock a buy rating in a research report on Monday, January 29th. Guggenheim started coverage on Myriad Genetics in a report on Thursday, December 14th. They set a buy rating and a $23.00 price target for the company. Wolfe Research started coverage on Myriad Genetics in a report on Wednesday, December 13th. They set an outperform rating and a $28.00 price target for the company. Wells Fargo & Company started coverage on Myriad Genetics in a research note on Tuesday, December 19th. They set an equal weight rating and a $20.00 target price on the stock. Finally, Piper Sandler started coverage on Myriad Genetics in a research note on Thursday, December 21st. They set a neutral rating and a $23.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Myriad Genetics presently has an average rating of Hold and an average target price of $23.75.

Read Our Latest Analysis on Myriad Genetics

Myriad Genetics Stock Performance

Myriad Genetics stock traded up $0.33 during trading hours on Thursday, reaching $21.94. 307,931 shares of the stock were exchanged, compared to its average volume of 600,309. The stock has a market cap of $1.80 billion, a P/E ratio of -6.75 and a beta of 1.99. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.15 and a current ratio of 1.27. Myriad Genetics has a 52-week low of $13.82 and a 52-week high of $24.21. The firm’s 50 day moving average is $21.07 and its 200 day moving average is $18.45.

Myriad Genetics (NASDAQ:MYGNGet Free Report) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. The company had revenue of $196.60 million during the quarter, compared to the consensus estimate of $194.80 million. Myriad Genetics had a negative net margin of 34.96% and a negative return on equity of 8.12%. Myriad Genetics’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.20) EPS. Analysts predict that Myriad Genetics will post -0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Myriad Genetics

Several hedge funds have recently modified their holdings of the company. Natixis acquired a new stake in shares of Myriad Genetics during the 4th quarter worth $44,000. Royal Bank of Canada increased its holdings in shares of Myriad Genetics by 29.0% during the 3rd quarter. Royal Bank of Canada now owns 2,339 shares of the company’s stock worth $44,000 after buying an additional 526 shares during the last quarter. Point72 Hong Kong Ltd increased its holdings in shares of Myriad Genetics by 722.8% during the 2nd quarter. Point72 Hong Kong Ltd now owns 3,217 shares of the company’s stock worth $58,000 after buying an additional 2,826 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Myriad Genetics by 99.8% during the 1st quarter. Tower Research Capital LLC TRC now owns 2,654 shares of the company’s stock worth $62,000 after buying an additional 1,326 shares during the last quarter. Finally, Point72 Middle East FZE acquired a new stake in shares of Myriad Genetics during the 4th quarter worth $82,000. 99.02% of the stock is owned by institutional investors and hedge funds.

About Myriad Genetics

(Get Free Report)

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 mental health applications. 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, or 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.

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