Myriad Genetics Splits 2-for-1

Myriad Genetics (MYGN), one of my favorite mid-cap biotech stocks split 2-for-1 today. Shareholders now have twice as many shares and the stock price dropped in half, although the stock is up nicely today.

Myriad’s tests can determine a patient’s risk for cancer just by looking at their genes. What’s even more impressive, the company is also developing treatments for those diseases based on gene therapy and other high-tech procedures. Myriad’s drug candidates include a brain tumor therapy and blood cancer compound that could revolutionize the industry. I think we’re going to hear a lot more about Myriad in the years ahead.

In its latest quarter, Myriad’s earnings rose to $21.2 million or 43 cents per share, compared with a net loss of $5.1 million or 11 cents per share in the same quarter a year ago. During the same period, its sales rose 48.9% to $84.4 million compared to $56.7 million. In the past month, Wall Street has revised its consensus earnings estimate 22.3% higher, a great sign that we’re in store for future earnings surprises in this stock.

Myriad Genetics is an excellent buy.

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