Myriad Genetics (NASDAQ:MYGN) Shares Gap Down Following Weak Earnings

Posted by Defense World Staff on May 5th, 2023

Myriad Genetics, Inc. (NASDAQ:MYGN – Get Rating) shares gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $21.89, but opened at $19.15. Myriad Genetics shares last traded at $20.36, with a volume of 83,071 shares.

The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The firm had revenue of $181.20 million during the quarter, compared to analyst estimates of $171.56 million. Myriad Genetics had a negative net margin of 16.51% and a negative return on equity of 5.83%. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.14) EPS.

Analysts Set New Price Targets

A number of research firms have weighed in on MYGN. StockNews.com began coverage on shares of Myriad Genetics in a research report on Thursday, March 16th. They set a “hold” rating for the company. Raymond James increased their target price on shares of Myriad Genetics from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, March 3rd. Finally, Stephens increased their target price on shares of Myriad Genetics from $17.00 to $24.00 and gave the company an “equal weight” rating in a research report on Monday, March 6th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $27.00.

Insiders Place Their Bets

In related news, COO Nicole Lambert sold 6,433 shares of the stock in a transaction on Monday, March 27th. The stock was sold at an average price of $23.48, for a total value of $151,046.84. Following the transaction, the chief operating officer now directly owns 240,506 shares in the company, valued at approximately $5,647,080.88. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Myriad Genetics

Large investors have recently modified their holdings of the company. Royal Bank of Canada lifted its holdings in shares of Myriad Genetics by 29.0% in the 3rd quarter. Royal Bank of Canada now owns 2,339 shares of the company’s stock worth $44,000 after purchasing an additional 526 shares in the last quarter. Natixis bought a new position in shares of Myriad Genetics in the 4th quarter worth $44,000. Point72 Hong Kong Ltd lifted its holdings in shares of Myriad Genetics by 722.8% in the 2nd quarter. Point72 Hong Kong Ltd now owns 3,217 shares of the company’s stock worth $58,000 after purchasing an additional 2,826 shares in the last quarter. US Bancorp DE lifted its stake in 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 in the last quarter. Finally, CWM LLC lifted its stake in Myriad Genetics by 17.8% during the 3rd quarter. CWM LLC now owns 4,291 shares of the company’s stock valued at $82,000 after acquiring an additional 648 shares in the last quarter. 99.08% of the stock is currently owned by institutional investors.

Myriad Genetics Stock Performance

The firm has a market capitalization of $1.72 billion, a P/E ratio of -15.17 and a beta of 1.83. The firm has a 50 day simple moving average of $22.28 and a two-hundred day simple moving average of $19.86.

Myriad Genetics Company Profile

(Get Rating)

Myriad Genetics, Inc engages in the discovery, development, and marketing of transformative molecular diagnostic tests. It operates through the Diagnostics and Other segments. The Diagnostics segment provides testing and collaborative development of testing that is designed to assess an individual’s risk of developing a disease later in life.