Myriad Genetics (NASDAQ:MYGN) Stock Price Up 7% - What's Next?

Key Points

• Myriad Genetics' stock price rose 7% during trading, reaching a last traded price of $7.38, although the trading volume decreased significantly to approximately 252,562 shares.
• Analysts have downgraded their ratings for Myriad Genetics, with Scotiabank dropping its target price from $20.00 to $6.00 and Piper Sandler adjusting their price objective from $12.50 to $9.00.
• Institutional investors own an impressive 99.02% of Myriad Genetics' stock, with notable increases in holdings from several hedge funds in the last quarter.

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report)'s stock price rose 7% during trading on Thursday . The stock traded as high as $7.44 and last traded at $7.38. Approximately 252,562 shares changed hands during trading, a decline of 85% from the average daily volume of 1,706,639 shares. The stock had previously closed at $6.90.

Analyst Ratings Changes

A number of analysts have recently issued reports on MYGN shares. Scotiabank lowered Myriad Genetics from a "sector outperform" rating to a "sector perform" rating and dropped their target price for the stock from $20.00 to $6.00 in a research report on Wednesday, May 21st. Piper Sandler lowered their price objective on Myriad Genetics from $12.50 to $9.00 and set an "overweight" rating for the company in a research note on Thursday, May 15th. Four equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $12.45.

Myriad Genetics Trading Up 8.8%

The company has a market cap of $698.54 million, a price-to-earnings ratio of -1.75 and a beta of 1.93. The firm has a 50-day moving average price of $5.50 and a 200 day moving average price of $6.56.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Myriad Genetics by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 10,667,755 shares of the company's stock worth $94,623,000 after acquiring an additional 76,712 shares in the last quarter. Glenview Capital Management LLC lifted its holdings in shares of Myriad Genetics by 17.6% in the 2nd quarter. Glenview Capital Management LLC now owns 4,587,407 shares of the company's stock worth $24,359,000 after purchasing an additional 687,857 shares during the last quarter. Qube Research & Technologies Ltd lifted its holdings in shares of Myriad Genetics by 44.7% in the 2nd quarter. Qube Research & Technologies Ltd now owns 2,051,588 shares of the company's stock worth $10,894,000 after purchasing an additional 633,439 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Myriad Genetics by 50.5% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,387,832 shares of the company's stock worth $7,369,000 after purchasing an additional 465,921 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in shares of Myriad Genetics by 20.4% in the 2nd quarter. Fisher Asset Management LLC now owns 1,294,822 shares of the company's stock worth $6,876,000 after purchasing an additional 219,607 shares during the last quarter. 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.

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