Myriad Genetics (NASDAQ:MYGN) Announces Quarterly Earnings Results

Myriad Genetics (NASDAQ:MYGN) announced its quarterly earnings results on Monday. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.06, FiscalAI reports. Myriad Genetics had a negative return on equity of 7.11% and a negative net margin of 48.53%.The company had revenue of $209.80 million during the quarter, compared to analyst estimates of $207.57 million.

Myriad Genetics Stock Performance

Shares of MYGN stock traded up $0.09 during trading hours on Monday, reaching $4.38. The company had a trading volume of 2,368,049 shares, compared to its average volume of 990,544. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.12 and a current ratio of 2.33. Myriad Genetics has a one year low of $3.76 and a one year high of $14.73. The firm has a market cap of $408.28 million, a PE ratio of -1.01 and a beta of 1.90. The business has a fifty day moving average price of $5.83 and a 200-day moving average price of $6.65.

Hedge Funds Weigh In On Myriad Genetics

A number of institutional investors and hedge funds have recently modified their holdings of MYGN. Alliancebernstein L.P. increased its position in Myriad Genetics by 1.8% during the third quarter. Alliancebernstein L.P. now owns 101,234 shares of the company’s stock valued at $732,000 after acquiring an additional 1,784 shares during the last quarter. Legal & General Group Plc increased its position in shares of Myriad Genetics by 1.0% during the 2nd quarter. Legal & General Group Plc now owns 237,688 shares of the company’s stock valued at $1,262,000 after purchasing an additional 2,313 shares during the last quarter. Quarry LP lifted its stake in shares of Myriad Genetics by 155.6% in the 4th quarter. Quarry LP now owns 4,365 shares of the company’s stock worth $27,000 after purchasing an additional 2,657 shares during the period. Franklin Resources Inc. lifted its stake in shares of Myriad Genetics by 2.7% in the 4th quarter. Franklin Resources Inc. now owns 103,374 shares of the company’s stock worth $636,000 after purchasing an additional 2,714 shares during the period. Finally, Royal Bank of Canada boosted its holdings in shares of Myriad Genetics by 129.6% in the fourth quarter. Royal Bank of Canada now owns 4,993 shares of the company’s stock worth $31,000 after buying an additional 2,818 shares during the last quarter. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on MYGN shares. Piper Sandler reduced their price target on shares of Myriad Genetics from $9.00 to $8.50 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. UBS Group upped their target price on Myriad Genetics from $6.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, November 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Myriad Genetics in a research note on Monday, December 29th. TD Cowen restated a “hold” rating on shares of Myriad Genetics in a research report on Tuesday, November 4th. Finally, Zacks Research downgraded Myriad Genetics from a “hold” rating to a “strong sell” rating in a report on Monday, January 19th. Four analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Myriad Genetics has a consensus rating of “Hold” and a consensus target price of $9.44.

Myriad Genetics Company Profile

Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.