Myriad Genetics (NASDAQ:MYGN) Trading Up 6.4% - Still a Buy?

Key Points

• Myriad Genetics (NASDAQ:MYGN) shares surged by 6.4% to trade at $6.78, despite a significant decrease in trading volume of 71% compared to the average.
• Analysts have mixed views on the stock, with upgrades and downgrades, including Goldman Sachs lowering their price target from $14.00 to $8.00 while maintaining a "buy" rating.
• Institutional investors have shown increased confidence, with several raising their stakes significantly in the company, reflecting a current 99.02% ownership by institutional holders.

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) shot up 6.4% during trading on Tuesday . The company traded as high as $6.67 and last traded at $6.78. 504,466 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 1,720,051 shares. The stock had previously closed at $6.37.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Scotiabank cut shares of Myriad Genetics from a "sector outperform" rating to a "sector perform" rating and lowered their price objective for the company from $20.00 to $6.00 in a research report on Wednesday, May 21st. Piper Sandler lowered their price objective on shares of Myriad Genetics from $12.50 to $9.00 and set an "overweight" rating for the company in a research report on Thursday, May 15th. 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 company. According to data from MarketBeat.com, Myriad Genetics has a consensus rating of "Hold" and a consensus price target of $12.45.

Myriad Genetics Price Performance

The firm has a market capitalization of $614.99 million, a P/E ratio of -1.54 and a beta of 1.93. The stock's fifty day simple moving average is $5.41 and its 200 day simple moving average is $6.67.

Institutional Investors Weigh In On Myriad Genetics

A number of large investors have recently made changes to their positions in MYGN. Jennison Associates LLC grew its position in Myriad Genetics by 3.0% during the 1st quarter. Jennison Associates LLC now owns 60,811 shares of the company's stock worth $539,000 after purchasing an additional 1,796 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Myriad Genetics by 8.6% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,666 shares of the company's stock worth $126,000 after purchasing an additional 1,881 shares in the last quarter. Legal & General Group Plc boosted its holdings in Myriad Genetics by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 237,688 shares of the company's stock worth $1,262,000 after buying an additional 2,313 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Myriad Genetics by 41.4% in the second quarter. PNC Financial Services Group Inc. now owns 8,967 shares of the company's stock valued at $48,000 after buying an additional 2,625 shares during the last quarter. Finally, Natixis Advisors LLC lifted its stake in Myriad Genetics by 1.3% in the 1st quarter. Natixis Advisors LLC now owns 212,138 shares of the company's stock worth $1,882,000 after purchasing an additional 2,810 shares in the last quarter. 99.02% of the stock is owned by hedge funds and other institutional investors.

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.