Myriad Genetics (NASDAQ:MYGN) Releases Earnings Results, Beats Expectations By $0.09 EPS

Myriad Genetics (NASDAQ:MYGN) issued its quarterly earnings data on Tuesday. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09, Briefing.com reports. 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 return on equity of 8.03% and a negative net margin of 34.96%. The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the company earned ($0.28) EPS. Myriad Genetics updated its FY24 guidance to $0.00 to $0.05 EPS.

Myriad Genetics Stock Performance

Shares of Myriad Genetics stock traded up $0.27 during trading hours on Friday, hitting $25.52. 218,694 shares of the company were exchanged, compared to its average volume of 664,192. Myriad Genetics has a 1 year low of $13.82 and a 1 year high of $25.95. The company has a current ratio of 2.01, a quick ratio of 1.87 and a debt-to-equity ratio of 0.05. The business has a 50-day moving average of $20.73 and a 200-day moving average of $19.94. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of -7.89 and a beta of 1.96.

Wall Street Analysts Forecast Growth

MYGN has been the subject of a number of analyst reports. Leerink Partnrs raised Myriad Genetics from a “market perform” rating to an “outperform” rating in a research report on Wednesday. The Goldman Sachs Group boosted their target price on Myriad Genetics from $28.00 to $31.00 and gave the stock a “buy” rating in a research note on Monday, January 29th. Finally, SVB Leerink upgraded Myriad Genetics from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $25.00 to $35.00 in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target 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.