Myriad Genetics (NASDAQ:MYGN) Trading Up 8.3% – Still a Buy?

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price shot up 8.3% during mid-day trading on Thursday . The company traded as high as $14.31 and last traded at $14.17. 344,641 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 1,012,281 shares. The stock had previously closed at $13.09.

Analysts Set New Price Targets

A number of brokerages have issued reports on MYGN. Piper Sandler cut their price target on shares of Myriad Genetics from $24.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Leerink Partners lowered shares of Myriad Genetics from an “outperform” rating to a “market perform” rating and cut their target price for the company from $30.00 to $21.00 in a research note on Monday, December 9th. The Goldman Sachs Group cut their target price on shares of Myriad Genetics from $29.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Bank of America cut their target price on shares of Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating on the stock in a research note on Friday, December 13th. Finally, UBS Group began coverage on shares of Myriad Genetics in a research note on Tuesday, December 10th. They set a “neutral” rating and a $18.00 target price on the stock. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Myriad Genetics presently has a consensus rating of “Hold” and an average price target of $22.54.

Myriad Genetics Price Performance

The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $1.34 billion, a PE ratio of -11.34 and a beta of 1.88. The firm’s fifty day simple moving average is $13.51 and its 200-day simple moving average is $20.14.

Hedge Funds Weigh In On Myriad Genetics

A number of hedge funds have recently modified their holdings of the company. Nordea Investment Management AB lifted its position in Myriad Genetics by 117.0% in the fourth quarter. Nordea Investment Management AB now owns 332,913 shares of the company’s stock worth $4,548,000 after buying an additional 179,527 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in shares of Myriad Genetics during the 3rd quarter worth $1,965,000. Jennison Associates LLC lifted its stake in shares of Myriad Genetics by 144.2% during the 4th quarter. Jennison Associates LLC now owns 59,015 shares of the company’s stock worth $809,000 after purchasing an additional 34,853 shares during the last quarter. Barclays PLC lifted its stake in shares of Myriad Genetics by 136.9% during the 3rd quarter. Barclays PLC now owns 190,243 shares of the company’s stock worth $5,210,000 after purchasing an additional 109,931 shares during the last quarter. Finally, Simplify Asset Management Inc. purchased a new stake in Myriad Genetics in the third quarter valued at about $4,756,000. 99.02% of the stock is currently owned by 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.