Myriad Genetics (NASDAQ:MYGN) Releases FY24 Earnings Guidance

Myriad Genetics (NASDAQ:MYGN) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.12-0.14 for the period, compared to the consensus earnings per share estimate of $0.10. The company issued revenue guidance of $837-843 million, compared to the consensus revenue estimate of $841.46 million.

Analyst Ratings Changes

Several equities analysts have recently commented on MYGN shares. JPMorgan Chase & Co. upped their target price on Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Wednesday, August 7th. Piper Sandler increased their target price on Myriad Genetics from $28.00 to $30.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Scotiabank boosted their price target on shares of Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a report on Tuesday, August 13th. Wells Fargo & Company initiated coverage on shares of Myriad Genetics in a research note on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 price target on the stock. Finally, Morgan Stanley began coverage on Myriad Genetics in a research report on Thursday, September 19th. They set an “equal weight” rating and a $32.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Myriad Genetics presently has a consensus rating of “Hold” and a consensus price target of $28.91.

Myriad Genetics Trading Down 1.5 %

Shares of NASDAQ MYGN traded down $0.26 during mid-day trading on Friday, hitting $17.41. 1,280,071 shares of the company traded hands, compared to its average volume of 844,648. The company has a quick ratio of 1.78, a current ratio of 1.96 and a debt-to-equity ratio of 0.05. Myriad Genetics has a 1 year low of $15.99 and a 1 year high of $29.30. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of -9.62 and a beta of 1.93. The business has a 50 day moving average of $24.54 and a two-hundred day moving average of $24.73.

Insider Activity

In related news, CEO Paul J. Diaz sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $22.93, for a total value of $343,950.00. Following the completion of the transaction, the chief executive officer now owns 962,378 shares of the company’s stock, valued at approximately $22,067,327.54. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Paul J. Diaz sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $22.93, for a total transaction of $343,950.00. Following the completion of the sale, the chief executive officer now directly owns 962,378 shares in the company, valued at approximately $22,067,327.54. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction of $270,500.00. Following the completion of the sale, the director now owns 121,648 shares of the company’s stock, valued at approximately $3,290,578.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 71,012 shares of company stock worth $1,900,485 over the last 90 days. 2.10% of the stock is owned by company insiders.

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.