Myriad Genetics (NASDAQ:MYGN) Releases FY24 Earnings Guidance

Myriad Genetics (NASDAQ:MYGN) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $0.00 to $0.05 for the period, compared to the consensus EPS estimate of $0.03. The company issued revenue guidance of $820 million to $840 million, compared to the consensus revenue estimate of $826.22 million.

Myriad Genetics Stock Up 5.4 %

Shares of MYGN stock traded up $1.30 on Thursday, reaching $25.25. 1,091,318 shares of the company’s stock traded hands, compared to its average volume of 669,217. The company has a market capitalization of $2.28 billion, a P/E ratio of -7.48 and a beta of 1.96. Myriad Genetics has a 12-month low of $13.82 and a 12-month high of $25.28. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.87 and a current ratio of 2.01. The business’s 50 day moving average price is $20.64 and its two-hundred day moving average price is $19.91.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.09. Myriad Genetics had a negative return on equity of 8.03% and a negative net margin of 34.96%. The business had revenue of $202.20 million during the quarter, compared to analyst estimates of $193.51 million. During the same period last year, the company earned ($0.28) earnings per share. Myriad Genetics’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities analysts forecast that Myriad Genetics will post -0.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

MYGN has been the subject of a number of analyst reports. The Goldman Sachs Group lifted their target price on shares of Myriad Genetics from $28.00 to $31.00 and gave the company a buy rating in a research note on Monday, January 29th. SVB Leerink upgraded shares of Myriad Genetics from a market perform rating to an outperform rating and upped their price objective for the stock from $25.00 to $35.00 in a report on Wednesday. Finally, Leerink Partnrs upgraded Myriad Genetics from a market perform rating to an outperform rating in a report on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Myriad Genetics has a consensus rating of Hold and a consensus price target of $24.86.

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.