Myriad Genetics (NASDAQ:MYGN) Shares Gap Up on Better-Than-Expected Earnings

Myriad Genetics, Inc. (NASDAQ:MYGN)’s stock price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $25.96, but opened at $28.55. Myriad Genetics shares last traded at $28.24, with a volume of 143,218 shares traded.

The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.06. The company had revenue of $211.50 million during the quarter, compared to the consensus estimate of $206.44 million. Myriad Genetics had a negative return on equity of 6.77% and a negative net margin of 30.30%. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.21) EPS.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. SVB Leerink upgraded Myriad Genetics from a “market perform” rating to an “outperform” rating and increased their price target for the company from $25.00 to $35.00 in a research note on Wednesday, May 8th. Leerink Partnrs upgraded Myriad Genetics from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 8th. Jefferies Financial Group reiterated an “underperform” rating and set a $20.00 price objective (down previously from $25.00) on shares of Myriad Genetics in a research report on Monday, June 3rd. Scotiabank began coverage on Myriad Genetics in a research report on Thursday, June 27th. They issued a “sector outperform” rating and a $29.00 price target on the stock. Finally, Piper Sandler boosted their price target on Myriad Genetics from $23.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, May 13th. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $25.33.

Insider Buying and Selling at Myriad Genetics

In other news, Director Lee Nisley Newcomer sold 6,200 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $25.30, for a total transaction of $156,860.00. Following the sale, the director now directly owns 66,650 shares in the company, valued at $1,686,245. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Daniel K. Spiegelman sold 3,788 shares of Myriad Genetics stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $22.04, for a total value of $83,487.52. Following the transaction, the director now directly owns 36,705 shares of the company’s stock, valued at $808,978.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Lee Nisley Newcomer sold 6,200 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $25.30, for a total value of $156,860.00. Following the transaction, the director now directly owns 66,650 shares in the company, valued at $1,686,245. The disclosure for this sale can be found here. Insiders have sold a total of 142,832 shares of company stock worth $3,574,217 over the last 90 days. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Myriad Genetics

A number of institutional investors have recently modified their holdings of MYGN. Hexagon Capital Partners LLC grew its holdings in Myriad Genetics by 75.3% during the second quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock worth $28,000 after buying an additional 491 shares in the last quarter. Innealta Capital LLC bought a new stake in Myriad Genetics during the second quarter worth $36,000. Neo Ivy Capital Management bought a new stake in Myriad Genetics during the second quarter worth $85,000. Quest Partners LLC grew its holdings in Myriad Genetics by 10,724.5% during the second quarter. Quest Partners LLC now owns 5,304 shares of the company’s stock worth $130,000 after buying an additional 5,255 shares in the last quarter. Finally, Ameritas Investment Partners Inc. grew its holdings in Myriad Genetics by 9.0% during the first quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock worth $186,000 after buying an additional 720 shares in the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.

Myriad Genetics Price Performance

The firm has a market cap of $2.52 billion, a P/E ratio of -9.21 and a beta of 1.95. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.99 and a quick ratio of 1.82. The company has a fifty day moving average of $25.01 and a 200-day moving average of $22.89.

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.