Myriad Genetics Shares Popped: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Myriad Genetics (NAS: MYGN) opened nearly 18% higher this morning, before giving most of it back. The company reported earnings last night.
So what: First-quarter revenue clocked a 20% jump, to $110.5 million, while earnings per share came in at $0.29. Both figures were ahead of expectations, as the Street was looking for $106.5 million in revenue and $0.28-per-share profit.
Now what: Full-year revenue is expected in the range of $445 million to $465 million, with earnings per share between $1.20 and $1.25. Molecular diagnostic revenue will comprise the bulk of sales, and is expected to be in the range of $421 million to $439 million. Following the strong results, Ticonderoga has upgraded the stock from neutral to buy, with a price target of $25.
Interested in more info on Myriad Genetics? Add it to your watchlist byclicking here.
At the time this article was published Fool contributorEvan Niuholds no position in any company mentioned.Click hereto see his holdings and a short bio. Try any of our Foolish newsletter servicesfree for 30 days. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. The Motley Fool has adisclosure policy.
Copyright © 1995 - 2011 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.