Myriad Genetics (NASDAQ:MYGN) Announces Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Myriad Genetics (NASDAQ:MYGN) released its quarterly earnings data on Tuesday. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.09, Briefing.com reports. The business 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%. Myriad Genetics’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the business earned ($0.28) earnings per share. Myriad Genetics updated its FY24 guidance to $0.00 to $0.05 EPS.

Myriad Genetics Trading Down 1.0 %

Shares of NASDAQ MYGN traded down $0.19 during mid-day trading on Tuesday, reaching $19.78. The company had a trading volume of 884,097 shares, compared to its average volume of 642,611. Myriad Genetics has a 52 week low of $13.82 and a 52 week high of $24.21. The business’s 50-day moving average is $20.67 and its 200-day moving average is $19.85. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of -6.18 and a beta of 1.96. The company has a current ratio of 2.01, a quick ratio of 1.87 and a debt-to-equity ratio of 0.05.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group upped their price objective on Myriad Genetics from $28.00 to $31.00 and gave the company a “buy” rating in a research report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $23.17.

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.