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

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

Analyst Ratings Changes

A number of equities analysts have issued reports on MYGN shares. The Goldman Sachs Group reduced their target price on Myriad Genetics from $29.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. Leerink Partners lowered Myriad Genetics from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $30.00 to $21.00 in a research report on Monday, December 9th. Morgan Stanley dropped their target price on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Monday, November 18th. UBS Group initiated coverage on Myriad Genetics in a research report on Tuesday, December 10th. They issued a “neutral” rating and a $18.00 target price on the stock. Finally, Bank of America dropped their target price on Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating on the stock in a research report on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $22.54.

Myriad Genetics Trading Up 12.5 %

The stock has a market capitalization of $1.34 billion, a PE ratio of -11.34 and a beta of 1.88. The firm has a 50-day moving average price of $13.51 and a 200-day moving average price of $20.14. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05.

Institutional Investors Weigh In On Myriad Genetics

Several hedge funds and other institutional investors have recently modified their holdings of MYGN. Point72 Hong Kong Ltd purchased a new position in shares of Myriad Genetics during the third quarter worth about $32,000. Sterling Capital Management LLC increased its holdings in shares of Myriad Genetics by 829.9% in the fourth quarter. Sterling Capital Management LLC now owns 2,864 shares of the company’s stock worth $39,000 after buying an additional 2,556 shares during the period. GAMMA Investing LLC lifted its position in Myriad Genetics by 34.1% in the third quarter. GAMMA Investing LLC now owns 1,620 shares of the company’s stock valued at $44,000 after purchasing an additional 412 shares during the last quarter. KBC Group NV boosted its stake in shares of Myriad Genetics by 132.8% during the fourth quarter. KBC Group NV now owns 5,845 shares of the company’s stock valued at $80,000 after purchasing an additional 3,334 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Myriad Genetics by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,285 shares of the company’s stock worth $87,000 after purchasing an additional 583 shares during the last quarter. 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.