Myriad Genetics (NASDAQ:MYGN) Shares Gap Up Following Earnings Beat

Myriad Genetics, Inc. (NASDAQ:MYGN) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $19.78, but opened at $23.45. Myriad Genetics shares last traded at $23.30, with a volume of 452,576 shares trading hands.

The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $202.20 million during the quarter, compared to analyst estimates of $193.51 million. Myriad Genetics had a negative net margin of 34.96% and a negative return on equity of 8.03%. The firm’s revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.28) EPS.

Analysts Set New Price Targets

A number of research analysts have issued reports on MYGN shares. SVB Leerink raised shares of Myriad Genetics from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $25.00 to $35.00 in a research report on Wednesday. The Goldman Sachs Group boosted their price objective on shares of Myriad Genetics from $28.00 to $31.00 and gave the company a “buy” rating in a research report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $24.86.

Institutional Trading of Myriad Genetics

Institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its holdings in shares of Myriad Genetics by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 5,996,260 shares of the company’s stock valued at $96,180,000 after acquiring an additional 251,426 shares during the last quarter. Qube Research & Technologies Ltd raised its stake in Myriad Genetics by 609.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 131,553 shares of the company’s stock worth $2,110,000 after acquiring an additional 113,000 shares during the period. Deutsche Bank AG raised its stake in Myriad Genetics by 6.8% during the 3rd quarter. Deutsche Bank AG now owns 41,428 shares of the company’s stock worth $665,000 after acquiring an additional 2,622 shares during the period. Jump Financial LLC raised its stake in Myriad Genetics by 16.0% during the 3rd quarter. Jump Financial LLC now owns 84,924 shares of the company’s stock worth $1,362,000 after acquiring an additional 11,706 shares during the period. Finally, Invesco Ltd. raised its position in shares of Myriad Genetics by 6.7% during the third quarter. Invesco Ltd. now owns 757,576 shares of the company’s stock valued at $12,152,000 after buying an additional 47,620 shares during the last quarter. Hedge funds and other institutional investors own 99.02% of the company’s stock.

Myriad Genetics Stock Performance

The firm’s 50-day moving average price is $20.64 and its 200-day moving average price is $19.91. The stock has a market cap of $2.17 billion, a P/E ratio of -7.48 and a beta of 1.96. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.01 and a quick ratio of 1.87.

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 pharmacogenomics. 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, and 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.