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

Myriad Genetics, Inc. (NASDAQ:MYGN)’s stock price gapped up before the market opened on Wednesday following a stronger than expected earnings report. 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 changing hands.

The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. Myriad Genetics had a negative return on equity of 8.03% and a negative net margin of 34.96%. The business had revenue of $202.20 million during the quarter, compared to the consensus estimate of $193.51 million. During the same period in the previous year, the company posted ($0.28) earnings per share. The business’s revenue for the quarter was up 11.6% on a year-over-year basis.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. The Goldman Sachs Group lifted their price target on shares of Myriad Genetics from $28.00 to $31.00 and gave the stock a “buy” rating in a research note on Monday, January 29th. SVB Leerink raised Myriad Genetics from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $25.00 to $35.00 in a report on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Myriad Genetics presently has an average rating of “Hold” and an average price target of $24.86.

Hedge Funds Weigh In On Myriad Genetics

A number of institutional investors have recently made changes to their positions in MYGN. China Universal Asset Management Co. Ltd. boosted its position in Myriad Genetics by 96.5% during the third quarter. China Universal Asset Management Co. Ltd. now owns 2,101 shares of the company’s stock worth $34,000 after acquiring an additional 1,032 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Myriad Genetics by 21.4% in the 4th quarter. Blue Trust Inc. now owns 6,729 shares of the company’s stock valued at $129,000 after purchasing an additional 1,186 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in Myriad Genetics by 90.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,805 shares of the company’s stock worth $188,000 after purchasing an additional 4,193 shares in the last quarter. Clarus Wealth Advisors purchased a new position in Myriad Genetics in the fourth quarter valued at approximately $204,000. Finally, Mutual of America Capital Management LLC raised its holdings in Myriad Genetics by 8.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 15,519 shares of the company’s stock valued at $297,000 after buying an additional 1,167 shares during the period. 99.02% of the stock is owned by institutional investors and hedge funds.

Myriad Genetics Trading Up 18.6 %

The firm’s 50 day simple moving average is $20.59 and its 200-day simple moving average is $19.88. The company has a quick ratio of 1.87, a current ratio of 2.01 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $2.12 billion, a PE ratio of -7.28 and a beta of 1.96.

Myriad Genetics Company Profile

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.