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 (EPS) guidance of $0.00-0.20 for the period, compared to the consensus estimate of $0.08. The company issued revenue guidance of $670-700 million, compared to the consensus revenue estimate of $685.41 million.

Several research analysts recently commented on the stock. StockNews.com cut shares of Myriad Genetics from a buy rating to a hold rating in a report on Wednesday, April 20th. The Goldman Sachs Group reduced their target price on shares of Myriad Genetics from $26.00 to $23.00 and set a sell rating for the company in a report on Tuesday, April 19th.

Shares of MYGN stock opened at $21.55 on Friday. The stock has a market cap of $1.73 billion, a P/E ratio of -56.89 and a beta of 1.57. The company has a fifty day moving average price of $23.93 and a two-hundred day moving average price of $26.17. Myriad Genetics has a one year low of $20.26 and a one year high of $36.95.

Myriad Genetics (NASDAQ:MYGNGet Rating) last announced its quarterly earnings results on Thursday, May 5th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. The firm had revenue of $164.90 million during the quarter, compared to analysts’ expectations of $156.09 million. Myriad Genetics had a negative net margin of 3.94% and a negative return on equity of 2.93%. The company’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.16) earnings per share. On average, research analysts expect that Myriad Genetics will post -0.33 EPS for the current fiscal year.

In other Myriad Genetics news, insider Jayne B. Hart sold 10,500 shares of the stock in a transaction on Monday, February 28th. The shares were sold at an average price of $25.00, for a total value of $262,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.80% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of MYGN. Vident Investment Advisory LLC acquired a new stake in shares of Myriad Genetics during the 4th quarter worth about $204,000. Janus Henderson Group PLC acquired a new stake in shares of Myriad Genetics during the 3rd quarter worth about $245,000. Royal Bank of Canada lifted its stake in shares of Myriad Genetics by 55.5% during the 3rd quarter. Royal Bank of Canada now owns 10,870 shares of the company’s stock worth $352,000 after buying an additional 3,879 shares during the last quarter. Allstate Corp lifted its stake in shares of Myriad Genetics by 49.7% during the 4th quarter. Allstate Corp now owns 16,416 shares of the company’s stock worth $453,000 after buying an additional 5,451 shares during the last quarter. Finally, State of Tennessee Treasury Department increased its position in Myriad Genetics by 1.0% during the fourth quarter. State of Tennessee Treasury Department now owns 43,771 shares of the company’s stock worth $1,208,000 after acquiring an additional 417 shares during the period. Institutional investors own 97.44% of the company’s stock.

About Myriad Genetics (Get Rating)

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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