Myriad Genetics (NASDAQ:MYGN) Releases Earnings Results, Misses Expectations By $0.12 EPS

Myriad Genetics (NASDAQ:MYGN) released its quarterly earnings data on Monday. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.12), Zacks reports. Myriad Genetics had a negative net margin of 47.45% and a negative return on equity of 5.17%.

Myriad Genetics Price Performance

Myriad Genetics stock traded up $0.14 during midday trading on Monday, hitting $8.18. The company’s stock had a trading volume of 1,861,697 shares, compared to its average volume of 1,626,857. The company has a market cap of $761.11 million, a price-to-earnings ratio of -1.91 and a beta of 1.97. Myriad Genetics has a 1-year low of $3.76 and a 1-year high of $19.60. The company has a 50-day moving average price of $7.44 and a two-hundred day moving average price of $6.04.

Hedge Funds Weigh In On Myriad Genetics

A number of hedge funds have recently added to or reduced their stakes in MYGN. Marshall Wace LLP acquired a new position in Myriad Genetics in the second quarter valued at about $361,000. Royal Bank of Canada increased its holdings in Myriad Genetics by 82.4% in the 1st quarter. Royal Bank of Canada now owns 33,326 shares of the company’s stock valued at $296,000 after buying an additional 15,057 shares during the period. Creative Planning raised its position in shares of Myriad Genetics by 40.6% in the 2nd quarter. Creative Planning now owns 33,923 shares of the company’s stock valued at $180,000 after buying an additional 9,804 shares in the last quarter. Oxford Asset Management LLP lifted its holdings in shares of Myriad Genetics by 16.3% during the 2nd quarter. Oxford Asset Management LLP now owns 33,964 shares of the company’s stock worth $180,000 after acquiring an additional 4,770 shares during the period. Finally, State of Wyoming boosted its position in shares of Myriad Genetics by 256.1% during the 2nd quarter. State of Wyoming now owns 30,772 shares of the company’s stock worth $163,000 after acquiring an additional 22,131 shares in the last quarter. Institutional investors own 99.02% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Myriad Genetics in a research report on Tuesday, October 14th. Four equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.45.

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.