Myriad Genetics, Inc. (NASDAQ:MYGN – Get Free Report) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $16.34, but opened at $17.12. Myriad Genetics shares last traded at $18.24, with a volume of 20,024 shares trading hands.
The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.05. Myriad Genetics had a negative net margin of 35.51% and a negative return on equity of 9.43%. The company had revenue of $191.90 million during the quarter, compared to analysts’ expectations of $179.23 million. During the same quarter last year, the business earned ($0.27) EPS. The business’s revenue was up 22.7% on a year-over-year basis.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the stock. StockNews.com cut shares of Myriad Genetics from a “hold” rating to a “sell” rating in a research report on Tuesday, October 31st. JPMorgan Chase & Co. decreased their target price on shares of Myriad Genetics from $17.00 to $14.00 and set an “underweight” rating for the company in a research report on Tuesday. Finally, The Goldman Sachs Group increased their target price on shares of Myriad Genetics from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $23.25.
In related news, CFO Richard Bryan Riggsbee sold 30,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $15.69, for a total value of $470,700.00. Following the completion of the transaction, the chief financial officer now directly owns 321,812 shares of the company’s stock, valued at $5,049,230.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.00% of the stock is owned by company insiders.
Institutional Trading of Myriad Genetics
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its position in shares of Myriad Genetics by 1.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 33,334 shares of the company’s stock worth $606,000 after purchasing an additional 509 shares during the last quarter. Royal Bank of Canada grew its holdings in Myriad Genetics by 29.0% in the 3rd quarter. Royal Bank of Canada now owns 2,339 shares of the company’s stock valued at $44,000 after buying an additional 526 shares in the last quarter. US Bancorp DE lifted its position in shares of Myriad Genetics by 14.6% during the 1st quarter. US Bancorp DE now owns 4,243 shares of the company’s stock valued at $108,000 after acquiring an additional 541 shares during the period. Ameritas Investment Partners Inc. lifted its position in shares of Myriad Genetics by 10.0% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,671 shares of the company’s stock valued at $155,000 after acquiring an additional 605 shares during the period. Finally, ProShare Advisors LLC lifted its position in shares of Myriad Genetics by 4.2% during the 2nd quarter. ProShare Advisors LLC now owns 17,913 shares of the company’s stock valued at $415,000 after acquiring an additional 724 shares during the period. 99.02% of the stock is currently owned by institutional investors and hedge funds.
Myriad Genetics Trading Up 8.7 %
The business has a 50-day moving average price of $16.01 and a two-hundred day moving average price of $19.25. The stock has a market capitalization of $1.45 billion, a P/E ratio of -5.84 and a beta of 1.83. The company has a current ratio of 1.33, a quick ratio of 1.23 and a debt-to-equity ratio of 0.05.
About Myriad Genetics
Myriad Genetics, Inc, a genetic testing and precision medicine company, develops 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 also 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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