Myriad Genetics (NASDAQ:MYGN) Shares Gap Up on Analyst Upgrade

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price gapped up prior to trading on Tuesday after Piper Sandler upgraded the stock from an underweight rating to a neutral rating. The stock had previously closed at $4.21, but opened at $5.34. Piper Sandler now has a $5.00 price target on the stock. Myriad Genetics shares last traded at $5.3810, with a volume of 9,513,347 shares changing hands.

Several other brokerages have also commented on MYGN. Wall Street Zen lowered Myriad Genetics from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Stephens lowered their price target on Myriad Genetics from $5.00 to $3.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 18th. Craig Hallum raised their price objective on Myriad Genetics from $4.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, October 2nd. UBS Group assumed coverage on Myriad Genetics in a report on Wednesday, September 9th. They set a “neutral” rating and a $3.60 price objective for the company. Finally, TD Cowen lifted their price objective on Myriad Genetics from $4.00 to $4.50 and gave the stock a “hold” rating in a report on Tuesday, October 13th. One investment analyst has rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $4.77.

Myriad Genetics News Roundup

Here are the key news stories impacting Myriad Genetics this week:

• Positive Sentiment: The transaction includes Myriad’s Prequel®, Foresight®, SneakPeek® and FirstGene® tests. Investors viewed the divestiture favorably because it monetizes a business described as underperforming and allows Myriad to focus on its remaining molecular-diagnostics operations. Proceeds could also improve financial flexibility. Myriad Genetics and Labcorp Announce Definitive Agreement
• Positive Sentiment: The $210 million cash consideration is significant relative to Myriad’s market value, supporting the view that the sale may strengthen its balance sheet and reduce exposure to a struggling business. The deal remains subject to customary closing conditions. Labcorp to Buy Myriad Genetics Prenatal Testing Business
• Positive Sentiment: Options activity was unusually heavy, with traders purchasing 5,030 call contracts—more than 40 times average daily call volume—indicating elevated speculative interest in further gains, though it is not a fundamental confirmation.
• Neutral Sentiment: Piper Sandler upgraded MYGN from “underweight” to “neutral” and assigned a $5.00 price target. The upgrade removes a bearish rating, but the target suggests limited near-term upside based on the stock’s trading level.
• Negative Sentiment: Myriad’s broader operating backdrop remains challenging: its latest reported quarter missed earnings and revenue expectations, with revenue declining year over year and analysts projecting a loss for the full year. The divestiture improves focus and liquidity but also removes the prenatal-testing revenue stream.

Hedge Funds Weigh In On Myriad Genetics

Several hedge funds have recently added to or reduced their stakes in MYGN. Pinnacle Associates Ltd. acquired a new position in shares of Myriad Genetics during the 3rd quarter worth approximately $44,000. Williams & Novak Wealth Management LLC purchased a new stake in Myriad Genetics in the 3rd quarter valued at approximately $67,000. Engineers Gate Manager LP lifted its stake in Myriad Genetics by 8.7% in the 2nd quarter. Engineers Gate Manager LP now owns 124,769 shares of the company’s stock valued at $712,000 after buying an additional 9,970 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Myriad Genetics in the 2nd quarter valued at approximately $54,000. Finally, NewEdge Advisors LLC acquired a new stake in Myriad Genetics during the 2nd quarter valued at $299,000. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

Myriad Genetics Trading Up 0.5%

The business has a fifty day simple moving average of $3.78 and a 200 day simple moving average of $4.37. The stock has a market cap of $532.77 million, a price-to-earnings ratio of -4.68 and a beta of 1.64. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.98 and a current ratio of 2.21.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings results on Thursday, July 30th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.19). Myriad Genetics had a negative return on equity of 16.09% and a negative net margin of 13.96%. The company had revenue of $190.70 million for the quarter, compared to analysts’ expectations of $206.03 million. During the same period in the previous year, the business posted $0.05 EPS. The business’s quarterly revenue was down 10.5% on a year-over-year basis. As a group, equities analysts anticipate that Myriad Genetics, Inc. will post -0.99 EPS for the current year.

About Myriad Genetics

Myriad Genetics, Inc is a molecular diagnostics company that develops and provides genetic tests designed to help healthcare professionals assess disease risk, guide treatment decisions and support patient care. The company serves physicians, hospitals, health systems, biopharmaceutical companies and patients, with a focus on areas including oncology, women’s health and mental health.

Its portfolio includes hereditary cancer testing, such as the MyRisk Hereditary Cancer test; tumor profiling and companion diagnostic services used to help inform cancer treatment; prenatal and carrier screening tests, including Prequel and Foresight; and pharmacogenomic testing, including GeneSight, which is intended to help clinicians evaluate how a patient may respond to certain psychiatric medications.