Myriad Genetics (NASDAQ:MYGN) Shares Up 8.3% - Still a Buy?

Myriad Genetics, Inc. (NASDAQ:MYGN) saw its share price increase by 8.3% during mid-day trading on Thursday. The stock reached a peak of $14.31 before settling at $14.17. Around 344,641 shares changed hands during this time, which marks a significant decline of 66% compared to the average daily volume of 1,012,281 shares. Previously, the stock closed at $13.09.

Recent trading activity has generated interest and prompted discussions on whether Myriad Genetics remains an attractive investment option.

Analyst Ratings Changes

A number of equity analysts have released updated reports concerning Myriad Genetics shares. The Goldman Sachs Group cut its price target for the stock from $29.00 down to $18.00 while maintaining a "buy" rating. This update came in a report issued on January 28th. Similarly, Leerink Partners downgraded the company from an "outperform" to a "market perform" rating, adjusting their target price from $30.00 to $21.00 in a report from December 9th. Furthermore, Morgan Stanley also reduced their price target from $32.00 to $21.00 while keeping an "equal weight" rating in a report released on November 18th.

UBS Group began covering Myriad Genetics on December 10th, offering a "neutral" rating and an $18.00 target price. Conversely, Bank of America lowered its target price from $15.00 to $13.00, labeling the stock as "underperform" in a report dated December 13th. Presently, three analysts have issued a sell rating on the stock, while seven analysts rated it as a hold, and five classified it as a buy. According to data from MarketBeat.com, the stock holds a consensus rating of "Hold" with an average price target of $22.54.

Myriad Genetics Trading Up 12.5%

The company's stock is currently valued with a market capitalization of $1.34 billion. It has a price-to-earnings (PE) ratio of -11.34 and a beta of 1.88. The current 50-day moving average stands at $13.51, while the 200-day moving average is $20.14. Additional metrics indicate a current ratio of 1.90, a quick ratio of 1.73, and a low debt-to-equity ratio of 0.05, hinting at solid financial health despite the current stock performance.

Institutional Investors Weigh In On Myriad Genetics

In recent months, several hedge funds and institutional investors have altered their stakes in Myriad Genetics. For instance, Point72 Hong Kong Ltd acquired a new position worth about $32,000 in the third quarter. Sterling Capital Management LLC also increased its holdings by a remarkable 829.9% in the fourth quarter, bringing their total to 2,864 shares valued at approximately $39,000 after purchasing an additional 2,556 shares. Meanwhile, GAMMA Investing LLC raised their investment in the firm by 34.1% during the third quarter, now owning 1,620 shares valued at roughly $44,000 after a recent purchase.

KBC Group NV expanded its position by 132.8%, owning 5,845 shares, valued at $80,000 after acquiring 3,334 additional shares in the fourth quarter. Lastly, Mirae Asset Global Investments Co. Ltd. increased its shareholding by 21.6%, owning 3,285 shares worth about $87,000 after buying another 583 shares. Presently, institutional investors hold 99.02% of Myriad Genetics' stock.

About Myriad Genetics

Myriad Genetics is a prominent player in the field of genetic testing and precision medicine. The company develops genetic tests both in the United States and internationally, focusing on molecular diagnostics for oncology, women's health, and pharmacogenomics. Notably, they offer the MyRisk Hereditary Cancer Test, which evaluates DNA to assess hereditary cancer risks. Additionally, their BRACAnalysis CDx Germline Companion Diagnostic Test aids in determining appropriate therapy for patients with various types of metastatic cancers having deleterious or likely deleterious BRCA variants. Finally, their MyChoice CDx Companion Diagnostic Test identifies homologous recombination deficiency status in patients diagnosed with ovarian cancer.

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