Myriad Genetics (NASDAQ:MYGN) Issues Earnings Results

Myriad Genetics (NASDAQ:MYGN) released its quarterly earnings data on Tuesday. The company reported $0.41 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.01, RTT News reports. Myriad Genetics had a net margin of 0.54% and a return on equity of 9.10%. The firm had revenue of $215.40 million during the quarter, compared to analysts’ expectations of $221.64 million. During the same period in the previous year, the business posted $0.38 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year.

Shares of Myriad Genetics stock opened at $23.20 on Friday. The firm has a 50-day moving average of $32.08 and a 200-day moving average of $30.07. The stock has a market cap of $3.27 billion, a PE ratio of 17.98, a PEG ratio of 2.10 and a beta of 0.81. Myriad Genetics has a 52-week low of $22.07 and a 52-week high of $50.44. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.86 and a current ratio of 3.15.

A number of equities analysts have commented on MYGN shares. Barclays cut shares of Myriad Genetics from an “equal weight” rating to an “underweight” rating in a research report on Wednesday. Bank of America raised shares of Myriad Genetics from an “underperform” rating to a “neutral” rating in a research report on Friday, August 2nd. BidaskClub cut shares of Myriad Genetics from a “buy” rating to a “hold” rating in a research report on Friday. Cowen cut shares of Myriad Genetics from an “outperform” rating to a “market perform” rating and set a $26.64 price objective for the company. in a research report on Tuesday, July 9th. Finally, Deutsche Bank reduced their price objective on shares of Myriad Genetics from $45.00 to $35.00 and set a “hold” rating for the company in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $37.64.

In other news, CFO Richard Bryan Riggsbee sold 25,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $41.50, for a total value of $1,037,500.00. Following the completion of the sale, the chief financial officer now owns 120,566 shares of the company’s stock, valued at $5,003,489. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Gary A. King sold 60,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $43.49, for a total transaction of $2,609,400.00. Following the completion of the sale, the vice president now directly owns 164,871 shares of the company’s stock, valued at approximately $7,170,239.79. The disclosure for this sale can be found here. In the last three months, insiders sold 96,712 shares of company stock valued at $4,115,380. 5.80% of the stock is currently owned by company insiders.

Several institutional investors have recently made changes to their positions in MYGN. Pearl River Capital LLC boosted its position in shares of Myriad Genetics by 154.9% in the first quarter. Pearl River Capital LLC now owns 882 shares of the company’s stock valued at $30,000 after acquiring an additional 536 shares during the period. Investors Research Corp acquired a new position in Myriad Genetics in the first quarter valued at about $46,000. Financial Gravity Wealth Inc. acquired a new position in Myriad Genetics in the first quarter valued at about $56,000. NumerixS Investment Technologies Inc acquired a new position in Myriad Genetics in the second quarter valued at about $64,000. Finally, Nisa Investment Advisors LLC raised its stake in Myriad Genetics by 625.0% in the first quarter. Nisa Investment Advisors LLC now owns 2,320 shares of the company’s stock valued at $77,000 after purchasing an additional 2,000 shares in the last quarter. 99.22% of the stock is owned by institutional investors.

Myriad Genetics Company Profile

Myriad Genetics, Inc, a molecular diagnostic company, focuses on developing and marketing novel predictive medicine, personalized medicine, and prognostic medicine tests worldwide. The company offers molecular diagnostic tests, including myRisk Hereditary Cancer, a DNA sequencing test for hereditary cancers; BRACAnalysis, a DNA sequencing test to assess the risk of developing breast and ovarian cancer; BRACAnalysis CDx, a DNA sequencing test for use as a companion diagnostic with the platinum based chemotherapy agents and poly ADP ribose inhibitor Lynparza; riskScore, a clinically validated personalized medicine tool; GeneSight, a DNA genotyping test to optimize psychotropic drug selection for neuroscience patients; and Tumor BRACAnalysis CDx, a DNA sequencing test that is designed to be utilized to predict response to DNA damaging agents.

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Earnings History for Myriad Genetics (NASDAQ:MYGN)

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