Myriad Genetics, Inc. (MYGN) Expected to Post Quarterly Sales of $182.34 Million
Wall Street analysts expect that Myriad Genetics, Inc. (NASDAQ:MYGN) will announce $182.34 million in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for Myriad Genetics’ earnings, with the highest sales estimate coming in at $183.02 million and the lowest estimate coming in at $181.80 million. Myriad Genetics posted sales of $177.50 million in the same quarter last year, which suggests a positive year over year growth rate of 2.7%. The firm is expected to issue its next earnings report on Tuesday, November 7th.
According to Zacks, analysts expect that Myriad Genetics will report full-year sales of $182.34 million for the current fiscal year, with estimates ranging from $759.00 million to $789.22 million. For the next fiscal year, analysts expect that the business will post sales of $798.83 million per share, with estimates ranging from $750.61 million to $828.90 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Myriad Genetics.
Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.04. The business had revenue of $200.50 million during the quarter, compared to analyst estimates of $193.71 million. Myriad Genetics had a net margin of 2.83% and a return on equity of 9.67%. The company’s revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.36 earnings per share.
Several research analysts have commented on MYGN shares. BidaskClub upgraded shares of Myriad Genetics from a “hold” rating to a “buy” rating in a report on Saturday, June 17th. Zacks Investment Research upgraded shares of Myriad Genetics from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a report on Monday, July 17th. Barclays PLC decreased their target price on shares of Myriad Genetics from $28.00 to $26.00 and set an “equal weight” rating for the company in a report on Wednesday, August 9th. Deutsche Bank AG upgraded shares of Myriad Genetics from a “sell” rating to a “hold” rating and decreased their target price for the stock from $27.86 to $15.00 in a report on Friday, August 18th. Finally, Cowen and Company reiterated a “hold” rating and issued a $25.00 target price on shares of Myriad Genetics in a report on Monday, August 14th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $24.18.
In related news, Director John T. Henderson sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $30.30, for a total transaction of $909,000.00. Following the completion of the sale, the director now directly owns 52,524 shares in the company, valued at $1,591,477.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 6.20% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its holdings in shares of Myriad Genetics by 168,335.7% during the first quarter. BlackRock Inc. now owns 9,541,884 shares of the company’s stock worth $183,203,000 after purchasing an additional 9,536,219 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Myriad Genetics by 0.9% during the second quarter. Vanguard Group Inc. now owns 6,307,738 shares of the company’s stock worth $162,992,000 after purchasing an additional 56,708 shares during the period. Camber Capital Management LLC boosted its holdings in shares of Myriad Genetics by 6.5% during the first quarter. Camber Capital Management LLC now owns 4,325,000 shares of the company’s stock worth $83,040,000 after purchasing an additional 265,000 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Myriad Genetics by 29.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,430,216 shares of the company’s stock worth $88,636,000 after purchasing an additional 787,396 shares during the period. Finally, Thrivent Financial For Lutherans boosted its holdings in shares of Myriad Genetics by 7,026.7% during the second quarter. Thrivent Financial For Lutherans now owns 2,742,340 shares of the company’s stock worth $70,862,000 after purchasing an additional 2,703,860 shares during the period.
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Myriad Genetics (NASDAQ:MYGN) opened at 37.14 on Friday. Myriad Genetics has a 52-week low of $15.15 and a 52-week high of $37.23. The stock has a 50 day moving average of $32.68 and a 200-day moving average of $24.93. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 116.43 and a beta of 0.28.
Myriad Genetics Company Profile
Myriad Genetics, Inc is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. The Company operates through two segments: diagnostics and other. The diagnostics segment provides testing and collaborative development of testing that is designed to assess an individual’s risk for developing disease later in life, identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing to enable optimal treatment, or assess a patient’s risk of disease progression and disease recurrence.
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