Myriad Genetics (NASDAQ:MYGN) Trading 6.4% Higher - 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)'s stock price was up 6.4% during mid-day trading on Tuesday . The company traded as high as $6.67 and last traded at $6.78. Approximately 504,466 shares were traded during trading, a decline of 71% from the average daily volume of 1,720,051 shares. The stock had previously closed at $6.37.

Analyst Upgrades and Downgrades

Several research firms recently commented on MYGN. Piper Sandler lowered their target price on Myriad Genetics from $12.50 to $9.00 and set an "overweight" rating on the stock in a research report on Thursday, May 15th. Scotiabank cut shares of Myriad Genetics from a "sector outperform" rating to a "sector perform" rating and cut their price objective for the company from $20.00 to $6.00 in a research note on Wednesday, May 21st. Four research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Myriad Genetics currently has a consensus rating of "Hold" and an average price target of $12.45.

Myriad Genetics Price Performance

The firm has a market cap of $614.99 million, a price-to-earnings ratio of -1.54 and a beta of 1.93. The company has a fifty day moving average price of $5.41 and a two-hundred day moving average price of $6.67.

Institutional Trading of Myriad Genetics

Hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased 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 acquiring an additional 4,480 shares in the last quarter. Farther Finance Advisors LLC grew its position 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 purchasing an additional 5,264 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in Myriad Genetics by 407.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 5,773 shares of the company's stock valued at $31,000 after purchasing an additional 4,635 shares during the period. Raymond James Financial Inc. acquired a new stake in Myriad Genetics during the 2nd quarter worth about $37,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Myriad Genetics by 520.8% during the first quarter. GAMMA Investing LLC now owns 4,470 shares of the company's stock worth $40,000 after purchasing an additional 3,750 shares during the period. 99.02% of the stock is owned by hedge funds and other institutional investors.

About Myriad Genetics

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.