Myriad Genetics (NASDAQ:MYGN) Posts Earnings Results, Misses Estimates By $0.12 EPS

Myriad Genetics (NASDAQ:MYGN) released its quarterly earnings results on Monday. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.12), Zacks reports. The firm had revenue of $210.60 million for the quarter, compared to the consensus estimate of $210.35 million. Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. During the same quarter in the prior year, the firm earned ($0.12) earnings per share.

Myriad Genetics Stock Performance

Shares of Myriad Genetics stock traded down $2.19 during trading hours on Tuesday, reaching $11.59. 405,660 shares of the stock traded hands, compared to its average volume of 1,079,835. Myriad Genetics has a one year low of $9.76 and a one year high of $29.30. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of -8.95 and a beta of 1.88. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05. The company has a 50 day moving average price of $13.45 and a 200 day moving average price of $19.38.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MYGN. Leerink Partners cut shares of Myriad Genetics from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $30.00 to $21.00 in a report on Monday, December 9th. Piper Sandler lowered their price target on Myriad Genetics from $24.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. StockNews.com downgraded shares of Myriad Genetics from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. Leerink Partnrs cut Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 9th. Finally, Bank of America reduced their target price on Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating for the company in a report on Friday, December 13th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Myriad Genetics currently has a consensus rating of “Hold” and a consensus price target of $22.54.

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.