Myriad Genetics (NASDAQ:MYGN) Share Price Passes Above 200-Day Moving Average – Here’s Why

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price 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

Several research analysts have issued reports on the company. 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 research report on Tuesday, November 11th. UBS Group upped their price target on shares of Myriad Genetics from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 4th. Wells Fargo & Company increased their price target on shares of Myriad Genetics from $6.00 to $6.50 and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Myriad Genetics in a research note on Monday, December 22nd. Finally, TD Cowen boosted their price objective on shares of Myriad Genetics from $8.00 to $9.00 and gave the stock a “hold” rating in a report on Tuesday, November 4th. Four equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $10.50.

Myriad Genetics Price Performance

The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.12 and a current ratio of 2.33. The stock has a market capitalization of $588.16 million, a PE ratio of -1.46 and a beta of 1.81. The company’s fifty day simple moving average is $7.13 and its two-hundred day simple moving average is $6.47.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings results on Tuesday, January 16th. The company reported ($0.19) EPS for the quarter. Myriad Genetics had a negative net margin of 48.53% and a negative return on equity of 7.11%. The business had revenue of $156.40 million during the quarter. Myriad Genetics has set its FY23 guidance at ($0.33)-($0.28) EPS. As a group, sell-side analysts predict that Myriad Genetics, Inc. will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Myriad Genetics

A number of institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its stake in shares of Myriad Genetics by 301.2% during 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 buying an additional 979,133 shares during the period. Inspire Investing LLC raised its holdings in Myriad Genetics by 93.3% in the 2nd quarter. Inspire Investing LLC now owns 84,520 shares of the company’s stock valued at $449,000 after acquiring an additional 40,793 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Myriad Genetics during the 1st quarter worth $531,000. Graham Capital Management L.P. acquired a new stake in shares of Myriad Genetics during the first quarter worth $633,000. Finally, Nordea Investment Management AB boosted its holdings in shares of Myriad Genetics by 19.5% during the second quarter. Nordea Investment Management AB now owns 402,910 shares of the company’s stock worth $2,152,000 after purchasing 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

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.