Myriad Genetics (NASDAQ:MYGN) Issues FY24 Earnings Guidance

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

Myriad Genetics Stock Performance

NASDAQ MYGN traded down $0.26 on Friday, hitting $17.41. 1,280,071 shares of the stock were exchanged, compared to its average volume of 844,648. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.96 and a quick ratio of 1.78. The business’s fifty day moving average is $24.54 and its 200 day moving average is $24.73. Myriad Genetics has a 52 week low of $15.99 and a 52 week high of $29.30. The company has a market capitalization of $1.58 billion, a PE ratio of -9.62 and a beta of 1.93.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Piper Sandler increased their price objective on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Wells Fargo & Company began coverage on shares of Myriad Genetics in a report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 target price for the company. JPMorgan Chase & Co. increased their target price 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. Scotiabank increased their target price on shares of Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 13th. Finally, Morgan Stanley began coverage on shares of Myriad Genetics in a report on Thursday, September 19th. They issued an “equal weight” rating and a $32.00 target price 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 company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $28.91.

Insider Buying and Selling at Myriad Genetics

In related news, Director Heinrich Dreismann sold 10,000 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the sale, the director now directly owns 121,648 shares of the company’s stock, valued at $3,290,578.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction 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 sale, the director now directly owns 121,648 shares of the company’s stock, valued at $3,290,578.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Paul J. Diaz sold 15,000 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 962,378 shares in the company, valued at $22,067,327.54. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 71,012 shares of company stock worth $1,900,485. 2.10% of the stock is currently owned by 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.