Myriad Genetics (NASDAQ:MYGN) Updates FY 2023 Earnings Guidance

Myriad Genetics (NASDAQ:MYGNGet Free Report) updated its FY 2023 earnings guidance on Friday. The company provided EPS guidance of -0.330–0.280 for the period, compared to the consensus EPS estimate of -0.300. The company issued revenue guidance of $747.0 million-$753.0 million, compared to the consensus revenue estimate of $751.3 million.

Myriad Genetics Stock Up 0.6 %

Shares of MYGN stock opened at $22.12 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.15 and a current ratio of 1.27. Myriad Genetics has a twelve month low of $13.82 and a twelve month high of $24.21. The business has a fifty day simple moving average of $20.15 and a 200 day simple moving average of $18.20.

Myriad Genetics (NASDAQ:MYGNGet Free Report) last announced its quarterly earnings data on Monday, November 6th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.05. Myriad Genetics had a negative return on equity of 9.04% and a negative net margin of 37.36%. The business had revenue of $191.90 million during the quarter, compared to the consensus estimate of $179.23 million. During the same period in the prior year, the company earned ($0.27) EPS. Myriad Genetics’s revenue for the quarter was up 22.7% on a year-over-year basis. On average, research analysts predict that Myriad Genetics will post -0.66 EPS for the current fiscal year.

Analysts Set New Price Targets

MYGN has been the subject of several research reports. Guggenheim initiated coverage on Myriad Genetics in a research report on Thursday, December 14th. They issued a buy rating and a $23.00 target price for the company. Piper Sandler initiated coverage on Myriad Genetics in a research report on Thursday, December 21st. They issued a neutral rating and a $23.00 target price for the company. Wolfe Research started coverage on Myriad Genetics in a research report on Wednesday, December 13th. They issued an outperform rating and a $28.00 target price for the company. JPMorgan Chase & Co. decreased their price target on Myriad Genetics from $17.00 to $14.00 and set an underweight rating for the company in a research note on Tuesday, November 7th. Finally, The Goldman Sachs Group increased their price target on Myriad Genetics from $28.00 to $31.00 and gave the company a buy rating in a research note on Monday, January 29th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $23.75.

View Our Latest Analysis on Myriad Genetics

Institutional Investors Weigh In On Myriad Genetics

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. grew its stake in Myriad Genetics by 0.8% in the first quarter. BlackRock Inc. now owns 14,797,829 shares of the company’s stock valued at $372,906,000 after acquiring an additional 113,042 shares during the period. Vanguard Group Inc. grew its stake in Myriad Genetics by 1.4% in the third quarter. Vanguard Group Inc. now owns 9,128,384 shares of the company’s stock valued at $174,170,000 after acquiring an additional 121,704 shares during the period. Wellington Management Group LLP grew its stake in Myriad Genetics by 17.8% in the first quarter. Wellington Management Group LLP now owns 5,096,235 shares of the company’s stock valued at $128,425,000 after acquiring an additional 770,460 shares during the period. State Street Corp grew its stake in Myriad Genetics by 14.5% in the second quarter. State Street Corp now owns 4,804,157 shares of the company’s stock valued at $87,292,000 after acquiring an additional 607,932 shares during the period. Finally, Bank of America Corp DE grew its stake in Myriad Genetics by 29.6% in the first quarter. Bank of America Corp DE now owns 3,432,969 shares of the company’s stock valued at $79,748,000 after acquiring an additional 783,718 shares during the period. Institutional investors and hedge funds own 99.02% of the company’s stock.

About Myriad Genetics

(Get Free Report)

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 mental health applications. 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, or 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.

Further Reading

Receive News & Ratings for Myriad Genetics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Myriad Genetics and related companies with MarketBeat.com's FREE daily email newsletter.