Myriad Genetics (NASDAQ:MYGN) Stock Price Passes Above Two Hundred Day Moving Average – What’s Next?

by · The Cerbat Gem

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN – Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $6.47 and traded as high as $6.57. Myriad Genetics shares last traded at $6.31, with a volume of 663,304 shares trading hands.

Analysts Set New Price Targets

MYGN has been the subject of several recent analyst reports. Piper Sandler cut their price objective on Myriad Genetics from $9.00 to $8.50 and set an “overweight” rating for the company in a report on Tuesday, November 11th. TD Cowen upped their price target on shares of Myriad Genetics from $8.00 to $9.00 and gave the stock a “hold” rating in a research report on Tuesday, November 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Myriad Genetics in a research report on Monday. Wells Fargo & Company boosted their price objective on shares of Myriad Genetics from $6.00 to $6.50 and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. Finally, UBS Group raised their target price on shares of Myriad Genetics from $6.00 to $8.00 and gave the company a “neutral” rating in a research note on Tuesday, November 4th. Four equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Myriad Genetics presently has a consensus rating of “Hold” and an average target price of $10.50.

Get Our Latest Report on Myriad Genetics

Myriad Genetics Stock Performance

The firm has a market cap of $573.24 million, a price-to-earnings ratio of -1.42 and a beta of 1.81. The company has a current ratio of 2.33, a quick ratio of 2.12 and a debt-to-equity ratio of 0.32. The stock’s 50 day moving average is $7.06 and its 200 day moving average is $6.47.

Myriad Genetics (NASDAQ:MYGN – Get Free Report) last issued its quarterly earnings data on Tuesday, January 16th. The company reported ($0.19) earnings per share (EPS) for the quarter. The firm had revenue of $156.40 million for the quarter. Myriad Genetics had a negative return on equity of 7.11% and a negative net margin of 48.53%.Myriad Genetics has set its FY23 guidance at ($0.33)-($0.28) EPS. Analysts anticipate that Myriad Genetics, Inc. will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Myriad Genetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. grew its position in Myriad Genetics by 301.2% in the third quarter. Assenagon Asset Management S.A. now owns 1,304,163 shares of the company’s stock valued at $9,429,000 after acquiring an additional 979,133 shares during the last quarter. Inspire Investing LLC boosted its stake in shares of Myriad Genetics by 93.3% during the second quarter. Inspire Investing LLC now owns 84,520 shares of the company’s stock valued at $449,000 after purchasing an additional 40,793 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Myriad Genetics during the first quarter worth about $531,000. Graham Capital Management L.P. acquired a new position in shares of Myriad Genetics in the first quarter valued at approximately $633,000. Finally, Nordea Investment Management AB raised its holdings in Myriad Genetics by 19.5% in the 2nd quarter. Nordea Investment Management AB now owns 402,910 shares of the company’s stock valued at $2,152,000 after buying an additional 65,781 shares during the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.

Myriad Genetics Company Profile

(Get Free Report)

Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.

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