Scotiabank Forecasts Higher Earnings for Myriad Genetics

Myriad Genetics, Inc. (NASDAQ:MYGN) – Analysts at Scotiabank increased their FY2024 earnings per share (EPS) estimates for shares of Myriad Genetics in a research report issued on Wednesday, January 8th. Scotiabank analyst S. Nam now anticipates that the company will post earnings per share of ($0.30) for the year, up from their prior estimate of ($0.34). The consensus estimate for Myriad Genetics’ current full-year earnings is ($0.32) per share. Scotiabank also issued estimates for Myriad Genetics’ FY2025 earnings at ($0.55) EPS.

MYGN has been the subject of several other reports. Leerink Partnrs cut shares of Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 9th. Bank of America cut their price objective on Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating on the stock in a research report on Friday, December 13th. StockNews.com raised Myriad Genetics from a “hold” rating to a “buy” rating in a research report on Thursday. Leerink Partners lowered Myriad Genetics from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $30.00 to $21.00 in a research report on Monday, December 9th. Finally, Morgan Stanley reduced their price target on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Monday, November 18th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Myriad Genetics has an average rating of “Hold” and a consensus target price of $24.27.

Myriad Genetics Stock Performance

Shares of MYGN stock opened at $14.83 on Monday. 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 stock has a fifty day moving average of $15.12 and a 200 day moving average of $22.25. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of -11.41 and a beta of 1.89. Myriad Genetics has a 52 week low of $12.87 and a 52 week high of $29.30.

Institutional Investors Weigh In On Myriad Genetics

Institutional investors and hedge funds have recently made changes to their positions in the company. Loomis Sayles & Co. L P grew its stake in shares of Myriad Genetics by 153.7% in the third quarter. Loomis Sayles & Co. L P now owns 2,189,601 shares of the company’s stock worth $59,973,000 after acquiring an additional 1,326,497 shares during the period. Disciplined Growth Investors Inc. MN grew its position in Myriad Genetics by 21.1% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock worth $69,226,000 after purchasing an additional 440,107 shares during the period. Iron Triangle Partners LP bought a new stake in Myriad Genetics in the 3rd quarter worth approximately $11,007,000. State Street Corp raised its stake in Myriad Genetics by 8.3% during the 3rd quarter. State Street Corp now owns 4,703,442 shares of the company’s stock valued at $128,827,000 after buying an additional 359,685 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its holdings in shares of Myriad Genetics by 26.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,063,711 shares of the company’s stock valued at $29,135,000 after buying an additional 224,255 shares during the period. Institutional investors own 99.02% of the company’s stock.

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.