Myriad Genetics (NASDAQ:MYGN) Stock Price Up 7% - Here's Why

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.

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

Analysts Set New Price Targets

Separately, Scotiabank cut shares of Myriad Genetics from a "sector outperform" rating to a "sector perform" rating and reduced their price target for the stock from $20.00 to $6.00 in a research report on Wednesday, May 21st. Four investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $12.45.

Myriad Genetics Stock Up 2.6%

The company has a market cap of $697.80 million, a price-to-earnings ratio of -1.75 and a beta of 1.92. The firm's 50 day simple moving average is $5.62 and its 200 day simple moving average is $6.40.

Institutional Investors Weigh In On Myriad Genetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MYGN. Kent Lake PR LLC purchased a new stake in Myriad Genetics in the 2nd quarter worth approximately $6,638,000. Nuveen LLC bought a new position in shares of Myriad Genetics during the 1st quarter valued at $10,437,000. Federated Hermes Inc. raised its holdings in shares of Myriad Genetics by 103,916.0% during the 2nd quarter. Federated Hermes Inc. now owns 1,122,333 shares of the company's stock valued at $5,960,000 after purchasing an additional 1,121,254 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of Myriad Genetics during the 2nd quarter valued at $5,139,000. Finally, Glenview Capital Management LLC raised its holdings in shares of Myriad Genetics by 17.6% during the 2nd quarter. Glenview Capital Management LLC now owns 4,587,407 shares of the company's stock valued at $24,359,000 after purchasing an additional 687,857 shares in the last quarter. Hedge funds and other institutional investors 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.