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

Myriad Genetics, Inc. (NASDAQ:MYGN)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $6.52 and traded as high as $6.55. Myriad Genetics shares last traded at $6.52, with a volume of 1,175,254 shares traded.

Analysts Set New Price Targets

MYGN has been the topic of several analyst reports. Cowen restated a “hold” rating on shares of Myriad Genetics in a research note on Tuesday, November 4th. UBS Group upped their price objective on shares of Myriad Genetics from $6.00 to $8.00 and gave the stock a “neutral” rating in a report on Tuesday, November 4th. TD Cowen increased their target price 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. Piper Sandler reduced their price target 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. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Myriad Genetics in a research note on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $10.50.

Myriad Genetics Trading Up 6.2%

The company has a debt-to-equity ratio of 0.32, a current ratio of 2.33 and a quick ratio of 2.12. The company has a market capitalization of $607.73 million, a price-to-earnings ratio of -1.51 and a beta of 1.81. The business has a fifty day moving average price of $6.91 and a 200 day moving average price of $6.52.

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

Hedge Funds Weigh In On Myriad Genetics

Several hedge funds and other institutional investors have recently modified their holdings of MYGN. EverSource Wealth Advisors LLC grew its position in Myriad Genetics by 2,333.3% in the second quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company’s stock valued at $25,000 after acquiring an additional 4,480 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Myriad Genetics by 6,192.9% during the second quarter. Farther Finance Advisors LLC now owns 5,349 shares of the company’s stock valued at $28,000 after acquiring an additional 5,264 shares during the period. Hantz Financial Services Inc. boosted its stake in shares of Myriad Genetics by 1,088.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 4,089 shares of the company’s stock valued at $30,000 after purchasing an additional 3,745 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Myriad Genetics by 407.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 5,773 shares of the company’s stock worth $31,000 after purchasing an additional 4,635 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Myriad Genetics during the 2nd quarter worth about $37,000. Institutional investors own 99.02% of the company’s stock.

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.