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

Myriad Genetics (NASDAQ:MYGNGet Rating) updated its FY 2022 earnings guidance on Monday. 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.

Shares of Myriad Genetics stock traded down $0.15 on Monday, reaching $22.22. 11,660 shares of the company were exchanged, compared to its average volume of 546,085. Myriad Genetics has a 1-year low of $18.98 and a 1-year high of $36.95. The company’s 50-day moving average is $23.61 and its two-hundred day moving average is $25.61.

Myriad Genetics (NASDAQ:MYGNGet Rating) last announced its quarterly earnings results on Thursday, May 5th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. The business had revenue of $164.90 million for the quarter, compared to the consensus estimate of $156.09 million. Myriad Genetics had a negative return on equity of 2.75% and a negative net margin of 1.20%. The business’s revenue was down 4.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.16) EPS. Sell-side analysts predict that Myriad Genetics will post -0.32 earnings per share for the current year.

MYGN has been the topic of several recent research reports. The Goldman Sachs Group cut their price target on Myriad Genetics from $26.00 to $23.00 and set a sell rating on the stock in a report on Tuesday, April 19th. StockNews.com cut Myriad Genetics from a buy rating to a hold rating in a research report on Saturday.

In other news, insider Jayne B. Hart sold 10,500 shares of Myriad Genetics stock in a transaction on Monday, February 28th. The stock was sold at an average price of $25.00, for a total transaction of $262,500.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.80% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Myriad Genetics by 0.8% during the 1st quarter. BlackRock Inc. now owns 14,797,829 shares of the company’s stock valued at $372,906,000 after purchasing an additional 113,042 shares during the period. Wellington Management Group LLP grew its holdings in shares of Myriad Genetics by 17.8% in the 1st quarter. Wellington Management Group LLP now owns 5,096,235 shares of the company’s stock worth $128,425,000 after acquiring an additional 770,460 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Myriad Genetics by 11.3% in the 1st quarter. Sei Investments Co. now owns 888,395 shares of the company’s stock worth $22,388,000 after acquiring an additional 90,449 shares during the last quarter. Morgan Stanley grew its holdings in shares of Myriad Genetics by 14.4% in the 2nd quarter. Morgan Stanley now owns 854,164 shares of the company’s stock worth $26,121,000 after acquiring an additional 107,760 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Myriad Genetics by 2.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 810,121 shares of the company’s stock worth $20,415,000 after acquiring an additional 17,390 shares during 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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