Myriad Genetics (NASDAQ:MYGN) Shares Gap Up - Here's What Happened

Key Points

• Myriad Genetics shares surged at the open, rising from a $4.21 close to $5.34 and last trading near $5.38 on volume of roughly 9.5 million shares.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and an average price target of $4.02, despite Zacks upgrading it from “strong sell” to “hold.”
• The company’s latest quarter showed continued weakness, including an adjusted loss of $0.25 per share versus a $0.06 expected loss and revenue down 10.5% year over year to $190.7 million.

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) gapped up prior to trading on Tuesday. The stock had previously closed at $4.21, but opened at $5.34. Myriad Genetics shares last traded at $5.3810, with a volume of 9,513,347 shares.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MYGN. Zacks Research raised Myriad Genetics from a "strong sell" rating to a "hold" rating in a report on Thursday, October 15th. Piper Sandler cut Myriad Genetics from an "overweight" rating to an "underweight" rating and reduced their price objective for the company from $5.45 to $2.00 in a research report on Tuesday, September 1st. Wells Fargo & Company reduced their price objective on Myriad Genetics from $5.50 to $3.00 and set an "equal weight" rating for the company in a research report on Monday, August 3rd. Stephens lowered their target price on Myriad Genetics from $5.00 to $3.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 18th. Finally, UBS Group began coverage on Myriad Genetics in a research report on Wednesday, September 9th. They issued a "neutral" rating and a $3.60 target price on the stock. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Myriad Genetics presently has a consensus rating of "Reduce" and an average price target of $4.02.

Myriad Genetics Stock Performance

The business's 50-day moving average price is $3.68 and its 200-day moving average price is $4.36. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.98 and a current ratio of 2.21. The stock has a market cap of $552.57 million, a P/E ratio of -4.75 and a beta of 1.64.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.19). Myriad Genetics had a negative return on equity of 16.09% and a negative net margin of 13.96%. The company had revenue of $190.70 million during the quarter, compared to analysts' expectations of $206.03 million. During the same quarter last year, the company earned $0.05 earnings per share. The company's revenue for the quarter was down 10.5% on a year-over-year basis. As a group, sell-side analysts expect that Myriad Genetics, Inc. will post -0.99 earnings per share for the current fiscal year.

Institutional Trading of Myriad Genetics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Williams & Novak Wealth Management LLC purchased a new stake in Myriad Genetics in the 3rd quarter worth approximately $67,000. Engineers Gate Manager LP raised its stake in Myriad Genetics by 8.7% during the 2nd quarter. Engineers Gate Manager LP now owns 124,769 shares of the company's stock worth $712,000 after acquiring an additional 9,970 shares during the period. Integrated Wealth Concepts LLC bought a new stake in Myriad Genetics during the 2nd quarter worth approximately $54,000. NewEdge Advisors LLC purchased a new position in Myriad Genetics during the second quarter valued at approximately $299,000. Finally, Corient Private Wealth LP purchased a new position in Myriad Genetics during the second quarter valued at approximately $103,000. Hedge funds and other institutional investors own 99.02% of the company's stock.

About Myriad Genetics

Myriad Genetics, Inc is a molecular diagnostics company that develops and provides genetic tests designed to help healthcare professionals assess disease risk, guide treatment decisions and support patient care. The company serves physicians, hospitals, health systems, biopharmaceutical companies and patients, with a focus on areas including oncology, women's health and mental health.

Its portfolio includes hereditary cancer testing, such as the MyRisk Hereditary Cancer test; tumor profiling and companion diagnostic services used to help inform cancer treatment; prenatal and carrier screening tests, including Prequel and Foresight; and pharmacogenomic testing, including GeneSight, which is intended to help clinicians evaluate how a patient may respond to certain psychiatric medications.

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