Brokerages Expect Myriad Genetics, Inc. (MYGN) Will Post Quarterly Sales of $182.22 Million
Brokerages expect Myriad Genetics, Inc. (NASDAQ:MYGN) to post sales of $182.22 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for Myriad Genetics’ earnings, with the lowest sales estimate coming in at $181.80 million and the highest estimate coming in at $183.02 million. Myriad Genetics posted sales of $177.50 million in the same quarter last year, which suggests a positive year over year growth rate of 2.7%. The firm is scheduled to announce its next earnings results on Tuesday, November 7th.
On average, analysts expect that Myriad Genetics will report full year sales of $182.22 million for the current financial year, with estimates ranging from $759.00 million to $789.22 million. For the next financial year, analysts anticipate that the firm will post sales of $801.06 million per share, with estimates ranging from $750.61 million to $828.90 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Myriad Genetics.
Myriad Genetics (NASDAQ:MYGN) last issued its earnings results on Tuesday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.04. Myriad Genetics had a net margin of 2.83% and a return on equity of 9.67%. The firm had revenue of $200.50 million for the quarter, compared to analysts’ expectations of $193.71 million. During the same quarter last year, the company posted $0.36 earnings per share. Myriad Genetics’s revenue was up 7.5% on a year-over-year basis.
A number of analysts recently weighed in on MYGN shares. BidaskClub raised shares of Myriad Genetics from a “hold” rating to a “buy” rating in a research note on Saturday, August 12th. Zacks Investment Research raised shares of Myriad Genetics from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research note on Monday, July 17th. Barclays PLC lowered their target price on shares of Myriad Genetics from $28.00 to $26.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 9th. Cowen and Company reissued a “hold” rating and issued a $25.00 target price on shares of Myriad Genetics in a research note on Monday, August 14th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $23.00 target price (up previously from $21.00) on shares of Myriad Genetics in a research note on Thursday, August 10th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. Myriad Genetics has a consensus rating of “Hold” and a consensus price target of $21.22.
Myriad Genetics (NASDAQ MYGN) opened at 33.05 on Tuesday. The firm has a 50-day moving average of $29.02 and a 200-day moving average of $23.38. Myriad Genetics has a one year low of $15.15 and a one year high of $33.42. The company has a market cap of $2.26 billion, a PE ratio of 103.61 and a beta of 0.26.
In other Myriad Genetics news, Director John T. Henderson sold 30,000 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $30.30, for a total value of $909,000.00. Following the transaction, the director now directly owns 52,524 shares in the company, valued at $1,591,477.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. 6.20% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in Myriad Genetics in the second quarter valued at about $101,000. Riverhead Capital Management LLC boosted its position in Myriad Genetics by 80.9% in the second quarter. Riverhead Capital Management LLC now owns 4,161 shares of the company’s stock valued at $107,000 after buying an additional 1,861 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new position in Myriad Genetics in the first quarter valued at about $112,000. Fiduciary Trust Co. acquired a new position in Myriad Genetics in the second quarter valued at about $113,000. Finally, Ronald Blue & Co. LLC acquired a new position in Myriad Genetics in the second quarter valued at about $208,000.
About Myriad Genetics
Myriad Genetics, Inc is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. The Company operates through two segments: diagnostics and other. The diagnostics segment provides testing and collaborative development of testing that is designed to assess an individual’s risk for developing disease later in life, identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing to enable optimal treatment, or assess a patient’s risk of disease progression and disease recurrence.
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