Myriad Genetics (NASDAQ:MYGN) has reached a new 52-week high, with its stock price soaring to $28.68. This milestone reflects a significant uptick in the company's performance, marking a notable high point in its trading history. Over the past year, Myriad Genetics has seen a substantial increase in its value, with a 1-year change of 28.98%. This impressive growth underscores the company's robust financial health and its strong position in the market.
"In other recent news, Myriad Genetics has been making significant strides in the advanced diagnostics sector. The company reported a robust first-quarter, with a 12% year-over-year revenue increase, largely driven by their prenatal and GeneSight businesses. The company is nearing breakeven on an adjusted EPS basis and has achieved positive adjusted EBITDA. Myriad Genetics has maintained its full-year guidance for 2024, with expected revenue between $820 million and $840 million.
Furthermore, Scotiabank has initiated coverage on Myriad Genetics with a Sector Outperform rating and a price target of $29.00, noting the company's focus on genetic testing and precision medicine. Additionally, Piper Sandler has revised its earnings expectations for Myriad Genetics and raised its price target to $28, maintaining an Overweight rating. The updated forecast anticipates $831 million in revenue and $0.03 in earnings per share for 2024, with further growth expected in the subsequent years. These recent developments highlight the growing confidence in Myriad Genetics' future performance and potential."
InvestingPro Insights
As Myriad Genetics (MYGN) celebrates hitting a new 52-week high, real-time data and insights from InvestingPro provide a deeper look into the company's financial landscape. With a market capitalization of $2.57 billion, Myriad Genetics showcases a significant presence in the market. Despite a negative P/E ratio of -10.16, indicating that the company has not been profitable over the last twelve months, analysts are optimistic, predicting profitability this year. This sentiment is echoed by a strong gross profit margin of 68.79% in the same period, which highlights the company's ability to retain a significant portion of its revenue as gross profit.
InvestingPro Tips suggest that while Mygn's stock price movements are quite volatile, the company has enjoyed a strong return over the last month and three months, with increases of 14.23% and 50.35% respectively. Moreover, the stock is currently trading near its 52-week high, at 99.3% of this peak, reflecting a large price uptick over the last six months. For investors looking for more detailed analysis and additional tips on MYGN, InvestingPro offers a comprehensive suite of tools and insights. There are 9 more InvestingPro Tips available that can help you make informed decisions, which you can access with the exclusive coupon code PRONEWS24 for up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.