Myriad Genetics (NASDAQ:MYGN) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Myriad Genetics (NASDAQ:MYGN) issued its quarterly earnings results on Monday. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.06, FiscalAI reports. The business had revenue of $209.80 million for the quarter, compared to analysts’ expectations of $207.57 million. Myriad Genetics had a negative net margin of 48.53% and a negative return on equity of 7.11%.

Myriad Genetics Price Performance

Shares of MYGN stock traded up $0.09 on Monday, reaching $4.38. The company’s stock had a trading volume of 2,368,049 shares, compared to its average volume of 990,544. The stock’s fifty day simple moving average is $5.83 and its 200-day simple moving average is $6.65. Myriad Genetics has a 1 year low of $3.76 and a 1 year high of $14.73. The company has a market capitalization of $408.28 million, a price-to-earnings ratio of -1.01 and a beta of 1.90. The company has a current ratio of 2.33, a quick ratio of 2.12 and a debt-to-equity ratio of 0.32.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on MYGN shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Myriad Genetics in a research note on Monday, December 29th. TD Cowen reissued a “hold” rating on shares of Myriad Genetics in a report on Tuesday, November 4th. Piper Sandler decreased their target price on Myriad Genetics from $9.00 to $8.50 and set an “overweight” rating on the stock in a research note on Tuesday, November 11th. Zacks Research cut Myriad Genetics from a “hold” rating to a “strong sell” rating in a report on Monday, January 19th. Finally, UBS Group increased their price objective on shares of Myriad Genetics from $6.00 to $8.00 and gave the company a “neutral” rating in a report on Tuesday, November 4th. Four equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Myriad Genetics has a consensus rating of “Hold” and a consensus target price of $9.44.

Institutional Trading of Myriad Genetics

Large investors have recently made changes to their positions in the business. Invesco Ltd. raised its position in shares of Myriad Genetics by 2.4% during the 4th quarter. Invesco Ltd. now owns 507,180 shares of the company’s stock valued at $3,119,000 after buying an additional 12,026 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its position in Myriad Genetics by 62.7% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 26,886 shares of the company’s stock valued at $165,000 after purchasing an additional 10,359 shares during the period. Vestal Point Capital LP lifted its stake in shares of Myriad Genetics by 103.8% in the 4th quarter. Vestal Point Capital LP now owns 1,223,000 shares of the company’s stock valued at $7,521,000 after purchasing an additional 623,000 shares during the last quarter. Tudor Investment Corp ET AL purchased a new position in shares of Myriad Genetics in the 4th quarter worth approximately $276,000. Finally, Oxford Asset Management LLP purchased a new position in shares of Myriad Genetics in the 4th quarter worth approximately $143,000. 99.02% of the stock is currently owned by institutional investors.

Myriad Genetics Company Profile

Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.