Myriad Genetics (NASDAQ:MYGN) Issues FY24 Earnings Guidance

Myriad Genetics (NASDAQ:MYGN) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.12-0.14 for the period, compared to the consensus earnings per share estimate of $0.10. The company issued revenue guidance of $837-843 million, compared to the consensus revenue estimate of $841.46 million.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Morgan Stanley began coverage on Myriad Genetics in a research note on Thursday, September 19th. They set an “equal weight” rating and a $32.00 price target on the stock. Scotiabank upped their price target on Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research report on Tuesday, August 13th. Piper Sandler upped their price objective on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. JPMorgan Chase & Co. lifted their target price on shares of Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research note on Wednesday, August 7th. Finally, TD Cowen raised their price target on Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $28.91.

Myriad Genetics Trading Down 1.5 %

MYGN traded down $0.26 during midday trading on Friday, reaching $17.41. 1,280,071 shares of the company were exchanged, compared to its average volume of 844,648. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.78 and a current ratio of 1.96. The stock has a market capitalization of $1.58 billion, a P/E ratio of -9.62 and a beta of 1.93. The stock’s 50-day simple moving average is $24.54 and its 200 day simple moving average is $24.73. Myriad Genetics has a one year low of $15.99 and a one year high of $29.30.

Insiders Place Their Bets

In other news, CEO Paul J. Diaz sold 15,000 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $22.93, for a total transaction of $343,950.00. Following the transaction, the chief executive officer now owns 962,378 shares in the company, valued at approximately $22,067,327.54. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Paul J. Diaz sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $22.93, for a total transaction of $343,950.00. Following the transaction, the chief executive officer now directly owns 962,378 shares of the company’s stock, valued at approximately $22,067,327.54. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Heinrich Dreismann sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $27.05, for a total value of $270,500.00. Following the completion of the sale, the director now owns 121,648 shares of the company’s stock, valued at approximately $3,290,578.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 71,012 shares of company stock worth $1,900,485. Company insiders own 2.10% of the company’s stock.

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.