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.
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