Myriad Genetics (NASDAQ:MYGN) Shares Gap Up After Better-Than-Expected Earnings

Myriad Genetics, Inc. (NASDAQ:MYGN)’s stock price gapped up prior to trading on Wednesday following a better than expected earnings announcement. 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 traded.

The company reported ($0.01) earnings per share (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 firm had revenue of $202.20 million during the quarter, compared to analysts’ expectations of $193.51 million. During the same quarter in the prior year, the business earned ($0.28) earnings per share. The company’s revenue was up 11.6% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. SVB Leerink raised Myriad Genetics from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $25.00 to $35.00 in a research report on Wednesday. Leerink Partnrs raised Myriad Genetics from a “market perform” rating to an “outperform” rating in a research report on Wednesday. Finally, The Goldman Sachs Group increased 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 analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $24.86.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Myriad Genetics by 8.6% in the fourth quarter. Vanguard Group Inc. now owns 9,954,233 shares of the company’s stock worth $190,524,000 after purchasing an additional 789,496 shares during the period. Wellington Management Group LLP lifted its position in Myriad Genetics by 20.4% in the fourth quarter. Wellington Management Group LLP now owns 7,219,706 shares of the company’s stock worth $138,185,000 after purchasing an additional 1,223,446 shares during the period. Glenview Capital Management LLC lifted its position in Myriad Genetics by 39.6% in the fourth quarter. Glenview Capital Management LLC now owns 5,283,982 shares of the company’s stock worth $101,135,000 after purchasing an additional 1,500,000 shares during the period. Earnest Partners LLC lifted its position in Myriad Genetics by 6.7% in the third quarter. Earnest Partners LLC now owns 3,473,281 shares of the company’s stock worth $55,711,000 after purchasing an additional 219,503 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Myriad Genetics by 3.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,680,918 shares of the company’s stock worth $51,315,000 after acquiring an additional 89,330 shares in the last quarter. 99.02% of the stock is owned by institutional investors.

Myriad Genetics Stock Up 5.4 %

The company has a debt-to-equity ratio of 0.05, a current ratio of 2.01 and a quick ratio of 1.87. The firm has a 50 day simple moving average of $20.73 and a 200-day simple moving average of $19.94. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of -7.89 and a beta of 1.96.

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.