Myriad Genetics (NASDAQ:MYGN) Shares Rise 8.3% - Is It Still a Good Buy?

Myriad Genetics, Inc. (NASDAQ:MYGN) saw its share price increase by 8.3% in mid-day trading on Thursday. The stock reached a peak price of $14.31 before settling at $14.17. Throughout the trading session, approximately 344,641 shares changed hands, representing a significant drop of 66% compared to the average daily volume of 1,012,281 shares. The previous closing price for the stock was $13.09.

Analyst Ratings Updates

There has been a notable surge in Myriad Genetics' stock, likely driven by developments related to hereditary cancer tests. Several analysts have recently revised their ratings for MYGN stocks. For instance, Goldman Sachs adjusted its target price from $29.00 to $18.00 but still maintains a "buy" rating on the stock as of January 28. Meanwhile, Leerink Partners downgraded Myriad Genetics from an "outperform" to a "market perform" rating, setting a new target price of $21.00 on December 9. Morgan Stanley also reduced their target from $32.00 to $21.00 and classified the stock as "equal weight" in their report dated November 18. UBS Group began covering Myriad Genetics, providing a "neutral" rating with an $18.00 price target. Lastly, Bank of America lowered its target for the company from $15.00 to $13.00, indicating an "underperform" rating in their December 13 research report. Overall, out of the analysts following this stock, three have given it a sell rating, seven maintain a hold, and five suggest a buy. Current consensus indicates a rating of "Hold" and a price target of approximately $22.54, according to data from MarketBeat.com.

Performance Overview

The stock currently boasts a market capitalization of $1.34 billion, with a price-to-earnings ratio of -11.34 and a beta of 1.88. It has established a 50-day moving average price of $13.51 and a 200-day moving average price of $20.14. The firm maintains a current ratio of 1.90, a quick ratio of 1.73, and a low debt-to-equity ratio of 0.05.

Institutional Investor Activity

Several institutional investors have adjusted their positions in Myriad Genetics over the past few months. For example, Point72 Hong Kong Ltd entered a new position during the third quarter, valued at around $32,000. Sterling Capital Management LLC dramatically increased its position in the fourth quarter, rising by 829.9%, now holding 2,864 shares worth approximately $39,000 after additional purchases. GAMMA Investing LLC grew its stake by 34.1% in the third quarter, owning 1,620 shares valued at $44,000 post-acquisition. KBC Group NV boosted their stake by 132.8% in the fourth quarter, accumulating 5,845 shares worth $80,000 after buying more. Lastly, Mirae Asset Global Investments Co. Ltd. increased its holdings by 21.6% in the third quarter, with a total of 3,285 shares worth $87,000 now in their portfolio. In total, 99.02% of Myriad Genetics' shares are owned by institutional investors.

About Myriad Genetics

Myriad Genetics, Inc. specializes in genetic testing and precision medicine, developing various genetic tests utilized both in the U.S. and globally. The company provides molecular diagnostic tests particularly for oncology, women's health, and pharmacogenomics. It offers the MyRisk Hereditary Cancer Test, which analyzes DNA to help assess risks for hereditary cancers. Other significant products include the BRACAnalysis CDx Germline Companion Diagnostic Test and MyChoice CDx Companion Diagnostic Test, both aimed at aiding appropriate therapeutic decisions for cancer patients.

Myriad, Genetics, Stock