Myriad Genetics, Inc. (NASDAQ:MYGN) Trading 9.5% Higher After Strong Earnings

Myriad Genetics, Inc. (NASDAQ:MYGN) shares traded up 9.5% on Wednesday following a better than expected earnings announcement. The stock traded as high as $28.18 and last traded at $27.98, with a volume of 2,712,063 shares trading hands. The stock had previously closed at $25.55.

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 the consensus estimate of $193.71 million. Myriad Genetics had a net margin of 2.83% and a return on equity of 9.67%. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 earnings per share.

A number of analysts have commented on the stock. Cowen and Company reiterated a “hold” rating and issued a $25.00 price target on shares of Myriad Genetics in a research note on Monday, August 14th. Barclays PLC cut their price target on shares of Myriad Genetics from $28.00 to $26.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 9th. BidaskClub upgraded shares of Myriad Genetics from a “hold” rating to a “buy” rating in a research note on Saturday, August 12th. Jefferies Group LLC reiterated a “hold” rating and issued a $23.00 price target (up previously from $21.00) on shares of Myriad Genetics in a research note on Thursday, August 10th. Finally, Deutsche Bank AG upgraded shares of Myriad Genetics from a “sell” rating to a “hold” rating and cut their price target for the company from $27.86 to $15.00 in a research note on Friday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $21.22.

Several hedge funds have recently bought and sold shares of the company. Arizona State Retirement System bought a new stake in Myriad Genetics during the first quarter worth about $682,000. Bank of New York Mellon Corp boosted its stake in shares of Myriad Genetics by 131.2% in the first quarter. Bank of New York Mellon Corp now owns 918,305 shares of the company’s stock valued at $17,632,000 after buying an additional 521,146 shares during the period. Frontier Capital Management Co. LLC boosted its stake in shares of Myriad Genetics by 1.4% in the first quarter. Frontier Capital Management Co. LLC now owns 3,075,954 shares of the company’s stock valued at $59,058,000 after buying an additional 41,432 shares during the period. Great West Life Assurance Co. Can boosted its stake in shares of Myriad Genetics by 958.4% in the first quarter. Great West Life Assurance Co. Can now owns 97,514 shares of the company’s stock valued at $1,870,000 after buying an additional 88,301 shares during the period. Finally, Bank of Montreal Can boosted its stake in shares of Myriad Genetics by 5.2% in the first quarter. Bank of Montreal Can now owns 112,150 shares of the company’s stock valued at $2,154,000 after buying an additional 5,529 shares during the period.

The firm has a 50 day moving average of $25.48 and a 200 day moving average of $21.36. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of 90.28 and a beta of 0.31.

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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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