Myriad Genetics, Inc. (MYGN) Expected to Post Quarterly Sales of $182.34 Million

Wall Street brokerages predict that Myriad Genetics, Inc. (NASDAQ:MYGN) will announce $182.34 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for Myriad Genetics’ earnings, with the lowest sales estimate coming in at $181.80 million and the highest estimate coming in at $183.00 million. Myriad Genetics posted sales of $177.50 million during the same quarter last year, which suggests a positive year-over-year growth rate of 2.7%. The company is expected to announce its next quarterly earnings results after the market closes on Tuesday, November 7th.

On average, 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 $772.66 million. For the next financial year, analysts forecast that the business will report sales of $797.39 million per share, with estimates ranging from $750.61 million to $821.62 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Myriad Genetics.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Tuesday, August 8th. The company reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.04. The company had revenue of $200.50 million for 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 in the prior year, the firm earned $0.36 earnings per share.

A number of research firms recently commented on MYGN. BidaskClub upgraded shares of Myriad Genetics from a “hold” rating to a “buy” rating in a research note on Saturday, August 12th. Cowen and Company reiterated a “hold” rating and issued a $25.00 target price on shares of Myriad Genetics in a research note on Monday, August 14th. Barclays PLC lowered 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 research note on Wednesday, August 9th. Jefferies Group LLC reiterated a “hold” rating and issued a $23.00 target price (up from $21.00) on shares of Myriad Genetics in a research note on Thursday, August 10th. Finally, Zacks Investment Research upgraded shares of Myriad Genetics from a “hold” rating to a “strong-buy” rating and set a $42.00 target price for the company in a research note on Tuesday, October 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $26.40.

In related news, Director John T. Henderson sold 30,000 shares of the business’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $30.30, for a total value of $909,000.00. Following the completion of the transaction, the director now directly owns 52,524 shares in the company, valued at approximately $1,591,477.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 6.70% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new position in shares of Myriad Genetics in the 2nd quarter valued at $101,000. Riverhead Capital Management LLC lifted its stake in shares of Myriad Genetics by 80.9% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,161 shares of the company’s stock valued at $107,000 after purchasing an additional 1,861 shares during the period. Fiduciary Trust Co. acquired a new position in shares of Myriad Genetics in the 2nd quarter valued at $113,000. Meeder Asset Management Inc. lifted its stake in shares of Myriad Genetics by 1,067.4% in the 3rd quarter. Meeder Asset Management Inc. now owns 3,292 shares of the company’s stock valued at $119,000 after purchasing an additional 3,010 shares during the period. Finally, Ronald Blue & Co. LLC acquired a new position in shares of Myriad Genetics in the 2nd quarter valued at $208,000.

Myriad Genetics (MYGN) opened at 33.95 on Friday. The company’s 50-day moving average is $34.71 and its 200-day moving average is $26.52. The company has a market cap of $2.32 billion, a P/E ratio of 106.43 and a beta of 0.28. Myriad Genetics has a 12 month low of $15.15 and a 12 month high of $37.30.

TRADEMARK VIOLATION NOTICE: This story was first posted by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are accessing this story on another website, it was illegally stolen and republished in violation of United States and international trademark and copyright law. The legal version of this story can be accessed at https://www.dispatchtribunal.com/2017/11/11/myriad-genetics-inc-mygn-expected-to-post-quarterly-sales-of-182-34-million.html.

About Myriad Genetics

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.

Get a free copy of the Zacks research report on Myriad Genetics (MYGN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Myriad Genetics (NASDAQ:MYGN)

Receive News & Ratings for Myriad Genetics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Myriad Genetics Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply