Myriad Genetics (NASDAQ:MYGN) Trading 8.3% Higher - Here's What Happened

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) traded up 8.3% during trading on Thursday . The stock traded as high as $14.31 and last traded at $14.17. 344,641 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 1,012,281 shares. The stock had previously closed at $13.09.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MYGN. Leerink Partnrs lowered shares of Myriad Genetics from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 9th. Morgan Stanley dropped their price target 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. StockNews.com upgraded Myriad Genetics from a "hold" rating to a "buy" rating in a research report on Thursday, January 9th. Leerink Partners lowered shares of Myriad Genetics from an "outperform" rating to a "market perform" rating and lowered their price target for the stock from $30.00 to $21.00 in a research report on Monday, December 9th. Finally, UBS Group assumed 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. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, Myriad Genetics has an average rating of "Hold" and an average target price of $22.54.

Myriad Genetics Trading Down 0.6 %

The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of -11.20 and a beta of 1.88. The company has a fifty day simple moving average of $13.46 and a 200-day simple moving average of $19.81.

Hedge Funds Weigh In On Myriad Genetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Myriad Genetics by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 10,591,043 shares of the company's stock valued at $145,203,000 after purchasing an additional 279,379 shares in the last quarter. State Street Corp raised its position in Myriad Genetics by 8.3% during the third quarter. State Street Corp now owns 4,703,442 shares of the company's stock valued at $128,827,000 after buying an additional 359,685 shares during the period. Earnest Partners LLC lifted its stake in Myriad Genetics by 0.4% in the 4th quarter. Earnest Partners LLC now owns 3,971,598 shares of the company's stock worth $54,451,000 after acquiring an additional 15,650 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in Myriad Genetics by 13.9% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,766,729 shares of the company's stock worth $37,932,000 after acquiring an additional 336,770 shares during the period. Finally, Disciplined Growth Investors Inc. MN boosted its position in Myriad Genetics by 21.1% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company's stock worth $69,226,000 after acquiring an additional 440,107 shares during the period. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

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.