Myriad Genetics (NASDAQ:MYGN) Releases FY22 Earnings Guidance

Myriad Genetics (NASDAQ:MYGNGet Rating) updated its FY22 earnings guidance on Thursday. The company provided earnings per share guidance of $(0.10)-$0.00 for the period, compared to the consensus earnings per share estimate of $0.10. The company issued revenue guidance of $670-$700 million, compared to the consensus revenue estimate of $689.19 million. Myriad Genetics also updated its FY 2022 guidance to -$0.10-0 EPS.

Myriad Genetics Trading Up 0.2 %

NASDAQ MYGN traded up $0.06 on Friday, hitting $27.46. The company’s stock had a trading volume of 470,382 shares, compared to its average volume of 573,128. Myriad Genetics has a 52-week low of $16.02 and a 52-week high of $36.95. The company’s 50-day simple moving average is $20.69 and its 200 day simple moving average is $22.89. The firm has a market cap of $2.21 billion, a P/E ratio of -114.41 and a beta of 1.70.

Myriad Genetics (NASDAQ:MYGNGet Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.03. Myriad Genetics had a negative net margin of 2.62% and a negative return on equity of 3.44%. The business had revenue of $179.30 million for the quarter, compared to the consensus estimate of $170.05 million. The company’s quarterly revenue was down 5.3% on a year-over-year basis. During the same period last year, the firm earned $0.03 earnings per share. On average, research analysts forecast that Myriad Genetics will post -0.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MYGN. Cowen set a $25.00 price target on Myriad Genetics in a research report on Tuesday, July 19th. TheStreet downgraded shares of Myriad Genetics from a c- rating to a d+ rating in a research note on Friday, June 3rd. StockNews.com cut Myriad Genetics from a buy rating to a hold rating in a research note on Wednesday, July 13th. SVB Leerink increased their price target on Myriad Genetics from $26.00 to $30.00 and gave the company a market perform rating in a research report on Friday. Finally, The Goldman Sachs Group cut their price target on shares of Myriad Genetics from $26.00 to $23.00 and set a sell rating on the stock in a research note on Tuesday, April 19th.

Insider Activity at Myriad Genetics

In other news, Director Daniel K. Spiegelman sold 6,424 shares of the business’s stock in a transaction on Monday, June 6th. The stock was sold at an average price of $19.25, for a total transaction of $123,662.00. Following the sale, the director now directly owns 33,980 shares of the company’s stock, valued at $654,115. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. US Bancorp DE increased its stake in shares of Myriad Genetics by 14.6% in the 1st quarter. US Bancorp DE now owns 4,243 shares of the company’s stock valued at $108,000 after acquiring an additional 541 shares during the last quarter. Captrust Financial Advisors boosted its stake in shares of Myriad Genetics by 103.2% during the 1st quarter. Captrust Financial Advisors now owns 5,083 shares of the company’s stock worth $128,000 after acquiring an additional 2,581 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Myriad Genetics during the first quarter worth approximately $303,000. Engineers Gate Manager LP acquired a new stake in Myriad Genetics in the 1st quarter worth about $360,000. Finally, Mariner LLC acquired a new stake in Myriad Genetics during the first quarter worth about $361,000. Institutional investors own 97.44% of the company’s stock.

Myriad Genetics Company Profile

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Myriad Genetics, Inc, a genetic testing and precision medicine company, develops and commercializes genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and mental health applications. It 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, or 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.

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