Myriad Genetics (NASDAQ:MYGN) Issues Earnings Results, Misses Estimates By $0.04 EPS

Key Points

• Myriad Genetics reported a quarterly loss of ($0.06) EPS, which missed analysts' expectations of ($0.02) EPS by ($0.04).
• The company updated its FY 2025 guidance to an EPS range of -0.020 to 0.020.
• Myriad Genetics stock fell 2.8% to $3.87 following the earnings announcement and currently has a market capitalization of $356.72 million.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) issued its earnings results on Tuesday. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.04), Zacks reports. The company had revenue of $213.10 million during the quarter, compared to analysts' expectations of $202.30 million. Myriad Genetics had a negative return on equity of 4.58% and a negative net margin of 47.45%. Myriad Genetics updated its FY 2025 guidance to -0.020-0.020 EPS.

Myriad Genetics Stock Up 7.3%

Shares of NASDAQ MYGN traded up $0.42 during mid-day trading on Thursday, reaching $6.09. The company had a trading volume of 2,611,498 shares, compared to its average volume of 1,741,620. The stock has a fifty day moving average of $4.91 and a two-hundred day moving average of $7.77. Myriad Genetics has a 12-month low of $3.76 and a 12-month high of $29.30. The company has a market capitalization of $560.92 million, a price-to-earnings ratio of -1.42 and a beta of 1.89. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.71 and a current ratio of 1.90.

Institutional Trading of Myriad Genetics

Several hedge funds and other institutional investors have recently modified their holdings of MYGN. AQR Capital Management LLC lifted its position in Myriad Genetics by 278.9% during the 1st quarter. AQR Capital Management LLC now owns 433,392 shares of the company's stock worth $3,844,000 after acquiring an additional 319,007 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Myriad Genetics by 4.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 299,256 shares of the company's stock valued at $2,654,000 after buying an additional 14,027 shares in the last quarter. Jane Street Group LLC lifted its position in shares of Myriad Genetics by 1,076.9% during the first quarter. Jane Street Group LLC now owns 213,826 shares of the company's stock worth $1,897,000 after purchasing an additional 195,658 shares in the last quarter. Royal Bank of Canada boosted its position in Myriad Genetics by 82.4% in the 1st quarter. Royal Bank of Canada now owns 33,326 shares of the company's stock valued at $296,000 after buying an additional 15,057 shares during the last quarter. Finally, Baird Financial Group Inc. acquired a new stake in Myriad Genetics in the first quarter worth about $105,000. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Wolfe Research cut shares of Myriad Genetics from an "outperform" rating to a "peer perform" rating in a research report on Thursday, May 8th. UBS Group reduced their price target on Myriad Genetics from $16.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Scotiabank downgraded Myriad Genetics from a "sector outperform" rating to a "sector perform" rating and dropped their price objective for the stock from $20.00 to $6.00 in a report on Wednesday, May 21st. Guggenheim lowered Myriad Genetics from a "buy" rating to a "neutral" rating in a report on Wednesday, April 9th. Finally, Wells Fargo & Company downgraded shares of Myriad Genetics from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $22.00 to $6.00 in a research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Myriad Genetics has a consensus rating of "Hold" and an average target price of $14.38.

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.