Myriad Genetics (NASDAQ:MYGN) Updates 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.

Analyst Upgrades and Downgrades

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

Myriad Genetics Stock Up 0.2 %

NASDAQ:MYGN traded up $0.06 during trading hours on Friday, reaching $27.46. 470,382 shares of the stock were exchanged, compared to its average volume of 573,128. The business has a 50-day moving average of $20.69 and a two-hundred day moving average of $22.89. Myriad Genetics has a twelve month low of $16.02 and a twelve month high of $36.95. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -114.41 and a beta of 1.70.

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

Insider Transactions at Myriad Genetics

In other news, Director Daniel K. Spiegelman sold 6,424 shares of the company’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 owns 33,980 shares of the company’s stock, valued at $654,115. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Myriad Genetics

A number of large investors have recently modified their holdings of MYGN. Bank of Montreal Can increased its holdings in Myriad Genetics by 147.9% in the first quarter. Bank of Montreal Can now owns 65,458 shares of the company’s stock valued at $1,687,000 after buying an additional 39,052 shares during the last quarter. MetLife Investment Management LLC increased its holdings in Myriad Genetics by 55.6% in the first quarter. MetLife Investment Management LLC now owns 42,669 shares of the company’s stock valued at $1,075,000 after buying an additional 15,255 shares during the last quarter. Hsbc Holdings PLC purchased a new position in Myriad Genetics in the first quarter valued at $648,000. American Century Companies Inc. increased its holdings in Myriad Genetics by 22.3% in the first quarter. American Century Companies Inc. now owns 16,607 shares of the company’s stock valued at $418,000 after buying an additional 3,027 shares during the last quarter. Finally, Walleye Capital LLC purchased a new position in Myriad Genetics in the first quarter valued at $399,000. Hedge funds and other 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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