Myriad Genetics (NASDAQ:MYGN) Trading Up 11.2% – Time to Buy?

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

Analyst Ratings Changes

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

Myriad Genetics Price Performance

The firm’s 50-day moving average price is $7.47 and its 200-day moving average price is $5.98. The company has a market cap of $648.40 million, a price-to-earnings ratio of -1.63 and a beta of 1.99.

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

Institutional Investors Weigh In On Myriad Genetics

A number of hedge funds have recently bought and sold shares of MYGN. EverSource Wealth Advisors LLC increased its stake 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 last quarter. Farther Finance Advisors LLC grew its holdings in Myriad Genetics by 6,192.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,349 shares of the company’s stock worth $28,000 after acquiring an additional 5,264 shares in the last quarter. Hantz Financial Services Inc. raised its stake in shares of Myriad Genetics by 1,088.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 4,089 shares of the company’s stock valued at $30,000 after purchasing an additional 3,745 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Myriad Genetics by 407.3% in the second quarter. Nisa Investment Advisors LLC now owns 5,773 shares of the company’s stock worth $31,000 after purchasing an additional 4,635 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Myriad Genetics in the second quarter valued at 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.