Myriad Genetics (NASDAQ:MYGN) Releases FY 2022 Earnings Guidance

Myriad Genetics (NASDAQ:MYGNGet Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided earnings per share guidance of 0-$0.20 for the period, compared to the consensus earnings per share estimate of $0.08. The company issued revenue guidance of $670.00 million-$700.00 million, compared to the consensus revenue estimate of $684.40 million.

MYGN has been the subject of a number of recent research reports. StockNews.com upgraded shares of Myriad Genetics from a hold rating to a buy rating in a research note on Friday. The Goldman Sachs Group reduced their price target on Myriad Genetics from $26.00 to $23.00 and set a sell rating for the company in a report on Tuesday, April 19th.

MYGN stock traded down $1.77 during trading on Monday, reaching $19.72. The stock had a trading volume of 17,092 shares, compared to its average volume of 535,187. Myriad Genetics has a 1-year low of $20.26 and a 1-year high of $36.95. The firm has a fifty day moving average price of $23.88 and a 200 day moving average price of $26.00.

Myriad Genetics (NASDAQ:MYGNGet Rating) last released its quarterly earnings data on Thursday, May 5th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. Myriad Genetics had a negative net margin of 1.20% and a negative return on equity of 2.75%. The firm had revenue of $164.90 million for the quarter, compared to analyst estimates of $156.09 million. During the same quarter in the prior year, the business earned ($0.16) earnings per share. Myriad Genetics’s quarterly revenue was down 4.7% on a year-over-year basis. On average, sell-side analysts anticipate that Myriad Genetics will post -0.33 EPS for the current year.

In other Myriad Genetics news, insider Jayne B. Hart sold 10,500 shares of the stock in a transaction that occurred on Monday, February 28th. The shares were sold at an average price of $25.00, for a total value of $262,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of MYGN. BlackRock Inc. lifted its holdings in Myriad Genetics by 8.3% during the 4th quarter. BlackRock Inc. now owns 14,684,787 shares of the company’s stock valued at $405,301,000 after purchasing an additional 1,123,482 shares during the last quarter. Vident Investment Advisory LLC acquired a new position in Myriad Genetics during the fourth quarter valued at approximately $204,000. Deutsche Bank AG lifted its stake in Myriad Genetics by 73.4% in the fourth quarter. Deutsche Bank AG now owns 148,875 shares of the company’s stock valued at $4,108,000 after buying an additional 63,016 shares in the last quarter. California State Teachers Retirement System lifted its stake in Myriad Genetics by 4.1% in the fourth quarter. California State Teachers Retirement System now owns 109,200 shares of the company’s stock valued at $3,014,000 after buying an additional 4,291 shares in the last quarter. Finally, State of Tennessee Treasury Department lifted its stake in Myriad Genetics by 1.0% in the fourth quarter. State of Tennessee Treasury Department now owns 43,771 shares of the company’s stock valued at $1,208,000 after buying an additional 417 shares in the last quarter. 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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