Myriad Genetics (NASDAQ:MYGN) Issues FY 2024 Earnings Guidance

Myriad Genetics (NASDAQ:MYGN) issued an update on its FY 2024 earnings guidance on Saturday morning. The company provided earnings per share guidance of 0.120-0.140 for the period, compared to the consensus earnings per share estimate of 0.100. The company issued revenue guidance of $837.0 million-$843.0 million, compared to the consensus revenue estimate of $841.4 million.

Myriad Genetics Stock Performance

Shares of MYGN opened at $16.27 on Friday. Myriad Genetics has a 52 week low of $14.72 and a 52 week high of $29.30. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05. The stock has a market cap of $1.48 billion, a P/E ratio of -12.52 and a beta of 1.93. The business’s 50 day moving average price is $21.28 and its 200-day moving average price is $24.24.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MYGN shares. StockNews.com downgraded Myriad Genetics from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Morgan Stanley reduced their price objective on shares of Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a research note on Monday, November 18th. Piper Sandler dropped their target price on shares of Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating on the stock in a research note on Monday, November 11th. TD Cowen raised their price target on shares of Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $27.36.

Insider Activity

In other news, CEO Paul J. Diaz sold 15,000 shares of the business’s stock in a transaction 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 owns 962,378 shares of the company’s stock, valued at $22,067,327.54. The trade was a 1.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Colleen F. Reitan sold 46,012 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total value of $1,286,035.40. Following the completion of the transaction, the director now directly owns 42,533 shares in the company, valued at approximately $1,188,797.35. This represents a 51.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 71,012 shares of company stock valued at $1,900,485 in the last quarter. 2.10% of the stock is currently owned by insiders.

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.