Myriad Genetics (NASDAQ:MYGN) Shares Gap Up - Here's Why

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $10.25, but opened at $10.90. Myriad Genetics shares last traded at $11.31, with a volume of 186,520 shares traded.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. UBS Group dropped their price objective on Myriad Genetics from $18.00 to $16.00 and set a "neutral" rating for the company in a research report on Tuesday, February 25th. Piper Sandler upgraded Myriad Genetics from a "neutral" rating to an "overweight" rating and upped their price target for the company from $11.50 to $12.50 in a research report on Wednesday. Leerink Partnrs cut shares of Myriad Genetics from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 9th. Leerink Partners lowered shares of Myriad Genetics from an "outperform" rating to a "market perform" rating and lowered their price objective for the company from $30.00 to $21.00 in a research note on Monday, December 9th. Finally, Morgan Stanley reduced their price objective on Myriad Genetics from $32.00 to $21.00 and set an "equal weight" rating for the company in a research note on Monday, November 18th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $21.89.

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Myriad Genetics Trading Up 3.8 %

The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. The stock has a 50-day moving average price of $12.59 and a two-hundred day moving average price of $17.67. The stock has a market cap of $919.48 million, a PE ratio of -7.75 and a beta of 1.79.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last announced its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.12). Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. The business had revenue of $210.60 million for the quarter, compared to analysts' expectations of $210.35 million. During the same quarter in the prior year, the company posted ($0.12) earnings per share. Sell-side analysts forecast that Myriad Genetics, Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Atria Investments Inc grew its stake in Myriad Genetics by 5.4% in the third quarter. Atria Investments Inc now owns 11,414 shares of the company's stock worth $313,000 after purchasing an additional 581 shares in the last quarter. State of New Jersey Common Pension Fund D bought a new stake in Myriad Genetics during the 3rd quarter valued at $1,965,000. GSA Capital Partners LLP purchased a new stake in shares of Myriad Genetics during the 3rd quarter worth $505,000. Natixis Advisors LLC boosted its position in Myriad Genetics by 16.2% during the third quarter. Natixis Advisors LLC now owns 320,013 shares of the company's stock valued at $8,765,000 after purchasing an additional 44,646 shares in the last quarter. Finally, Quest Partners LLC grew its stake in Myriad Genetics by 50.8% in the third quarter. Quest Partners LLC now owns 8,001 shares of the company's stock valued at $219,000 after purchasing an additional 2,697 shares during the last quarter. Hedge funds and other institutional investors own 99.02% of the company's stock.

Myriad Genetics Company Profile

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.