Scotiabank Raises Earnings Estimates for Myriad Genetics

Myriad Genetics, Inc. (NASDAQ:MYGN) – Equities research analysts at Scotiabank boosted their FY2024 earnings estimates for shares of Myriad Genetics in a research note issued on Wednesday, January 8th. Scotiabank analyst S. Nam now forecasts that the company will post earnings per share of ($0.30) for the year, up from their prior forecast 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.

A number of other research analysts have also commented on the company. Bank of America lowered their price target on Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating for the company in a research report on Friday, December 13th. Leerink Partnrs downgraded Myriad Genetics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 9th. Leerink Partners cut shares of Myriad Genetics from an “outperform” rating to a “market perform” rating and cut their price target for the company from $30.00 to $21.00 in a report on Monday, December 9th. UBS Group initiated coverage on shares of Myriad Genetics in a report on Tuesday, December 10th. They issued a “neutral” rating and a $18.00 price objective for the company. Finally, StockNews.com raised shares of Myriad Genetics from a “hold” rating to a “buy” rating in a research note on Thursday, January 9th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $24.27.

Myriad Genetics Stock Performance

Myriad Genetics stock opened at $14.28 on Monday. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. The firm has a market cap of $1.30 billion, a P/E ratio of -10.98 and a beta of 1.89. Myriad Genetics has a 1-year low of $12.87 and a 1-year high of $29.30. The firm has a 50-day moving average of $15.05 and a 200-day moving average of $22.17.

Institutional Investors Weigh In On Myriad Genetics

Several institutional investors have recently modified their holdings of MYGN. Loomis Sayles & Co. L P raised its stake in Myriad Genetics by 153.7% during the 3rd quarter. Loomis Sayles & Co. L P now owns 2,189,601 shares of the company’s stock valued at $59,973,000 after buying an additional 1,326,497 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its holdings in Myriad Genetics by 21.1% in the third quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock valued at $69,226,000 after acquiring an additional 440,107 shares during the period. Iron Triangle Partners LP purchased a new position in Myriad Genetics in the third quarter worth about $11,007,000. State Street Corp grew its stake in shares of 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 purchasing an additional 359,685 shares during the period. Finally, Point72 Asset Management L.P. increased its position 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 purchasing an additional 224,255 shares during the last quarter. 99.02% of the stock is owned by hedge funds and other institutional investors.

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.