Myriad Genetics (NASDAQ:MYGN) Issues Quarterly Earnings Results

Myriad Genetics (NASDAQ:MYGN) released its earnings results on Tuesday. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $193.51 million. During the same quarter in the previous year, the company posted ($0.28) EPS. Myriad Genetics’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 Price Performance

Shares of Myriad Genetics stock traded up $0.27 during trading on Friday, reaching $25.52. 218,694 shares of the stock traded hands, compared to its average volume of 664,192. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of -7.89 and a beta of 1.96. The business has a fifty day simple moving average of $20.73 and a two-hundred day simple moving average of $19.94. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.01 and a quick ratio of 1.87. Myriad Genetics has a 52-week low of $13.82 and a 52-week high of $25.95.

Analysts Set New Price Targets

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