Myriad Genetics (MYGN) Set to Announce Earnings on Tuesday

Myriad Genetics (NASDAQ:MYGN) is set to announce its earnings results after the market closes on Tuesday, August 6th. Analysts expect the company to announce earnings of ($0.01) per share for the quarter. Myriad Genetics has set its FY24 guidance at $0.00 to $0.05 EPS.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The firm had revenue of $202.20 million during the quarter, compared to the consensus estimate of $193.51 million. Myriad Genetics had a negative net margin of 30.30% and a negative return on equity of 6.77%. The firm’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.28) earnings per share. On average, analysts expect Myriad Genetics to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Myriad Genetics Stock Performance

NASDAQ:MYGN traded down $0.08 during mid-day trading on Wednesday, reaching $27.73. The stock had a trading volume of 72,771 shares, compared to its average volume of 719,741. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.82 and a current ratio of 1.99. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -9.86 and a beta of 1.95. Myriad Genetics has a twelve month low of $13.82 and a twelve month high of $28.90. The business has a 50 day simple moving average of $24.67 and a 200 day simple moving average of $22.66.

Insider Activity 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 shares were sold at an average price of $22.04, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is available through this link. In other Myriad Genetics news, Director Daniel K. Spiegelman sold 3,788 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $22.04, for a total transaction of $83,487.52. Following the completion of the transaction, the director now directly owns 36,705 shares of the company’s stock, valued at approximately $808,978.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Paul J. Diaz sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $25.07, for a total transaction of $1,880,250.00. Following the completion of the sale, the chief executive officer now owns 1,066,166 shares of the company’s stock, valued at approximately $26,728,781.62. The disclosure for this sale can be found here. Insiders sold a total of 142,832 shares of company stock valued at $3,574,217 in the last quarter. Insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on MYGN shares. SVB Leerink upgraded shares of Myriad Genetics from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $25.00 to $35.00 in a research report on Wednesday, May 8th. Jefferies Financial Group reaffirmed an “underperform” rating and issued a $20.00 target price (down from $25.00) on shares of Myriad Genetics in a report on Monday, June 3rd. Leerink Partnrs raised shares of Myriad Genetics from a “market perform” rating to an “outperform” rating in a research note on Wednesday, May 8th. Scotiabank started coverage on shares of Myriad Genetics in a report on Thursday, June 27th. They issued a “sector outperform” rating and a $29.00 price objective on the stock. Finally, Piper Sandler boosted their price objective on shares of Myriad Genetics from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, May 13th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $25.33.

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.