Myriad Genetics (NASDAQ:MYGN) Trading 11.2% Higher – Here’s What Happened

Myriad Genetics, Inc. (NASDAQ:MYGN) shares were up 11.2% during mid-day trading on Thursday . The stock traded as high as $7.00 and last traded at $7.1620. Approximately 132,420 shares changed hands during trading, a decline of 92% from the average daily volume of 1,604,532 shares. The stock had previously closed at $6.44.

Wall Street Analyst Weigh In

MYGN has been the subject of several recent research reports. Piper Sandler lowered their target price on shares of Myriad Genetics from $9.00 to $8.50 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Wells Fargo & Company boosted their price objective on shares of Myriad Genetics from $6.00 to $6.50 and gave the company an “equal weight” rating in a research report on Wednesday, November 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Myriad Genetics in a research note on Monday. UBS Group lifted their target price on Myriad Genetics from $6.00 to $8.00 and gave the company a “neutral” rating in a research note on Tuesday, November 4th. Finally, Cowen restated a “hold” rating on shares of Myriad Genetics in a research note on Tuesday, November 4th. Four equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Myriad Genetics has a consensus rating of “Hold” and an average price target of $11.45.

Myriad Genetics Price Performance

The stock has a fifty day moving average price of $7.47 and a two-hundred day moving average price of $5.98. The company has a market cap of $648.40 million, a P/E ratio of -1.63 and a beta of 1.99.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Tuesday, January 16th. The company reported ($0.19) earnings per share (EPS) for the quarter. Myriad Genetics had a negative return on equity of 5.17% and a negative net margin of 47.45%.The business had revenue of $156.40 million during the quarter. Myriad Genetics has set its FY23 guidance at ($0.33)-($0.28) EPS. As a group, analysts forecast that Myriad Genetics, Inc. will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Myriad Genetics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Hantz Financial Services Inc. raised its holdings in shares of Myriad Genetics by 1,088.7% during the third quarter. Hantz Financial Services Inc. now owns 4,089 shares of the company’s stock valued at $30,000 after acquiring an additional 3,745 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Myriad Genetics by 2,333.3% in the second quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company’s stock worth $25,000 after buying an additional 4,480 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of Myriad Genetics by 6,192.9% during the second quarter. Farther Finance Advisors LLC now owns 5,349 shares of the company’s stock valued at $28,000 after buying an additional 5,264 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Myriad Genetics by 407.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 5,773 shares of the company’s stock worth $31,000 after acquiring an additional 4,635 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Myriad Genetics during the 2nd quarter worth about $37,000. Institutional investors and hedge funds own 99.02% of the company’s stock.

Myriad Genetics Company Profile

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.