A share of Myriad Genetics Inc. (NASDAQ:MYGN) closed at $20.78 per share on Thursday, up from $19.94 day before. While Myriad Genetics Inc. has overperformed by 4.21%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, MYGN fell by -19.95%, with highs and lows ranging from $28.18 to $13.92, whereas the simple moving average jumped by 1.84% in the last 200 days.
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On January 18, 2023, Raymond James Upgraded Myriad Genetics Inc. (NASDAQ: MYGN) to Outperform. A report published by Stephens on October 06, 2022, Initiated its previous ‘Equal-Weight’ rating for MYGN. Cowen also rated MYGN shares as ‘Market Perform’, setting a target price of $33 on the company’s shares in an initiating report dated October 15, 2021. Goldman initiated its ‘Sell’ rating for MYGN, as published in its report on June 03, 2021. BofA/Merrill’s report from September 26, 2019 suggests a price prediction of $28 for MYGN shares, giving the stock a ‘Underperform’ rating. Piper Jaffray also rated the stock as ‘Neutral’.
Analysis of Myriad Genetics Inc. (MYGN)
Further, the quarter-over-quarter decrease in sales is -6.50%, showing a negative trend in the upcoming months.
Myriad Genetics Inc.’s future performance can be predicted by a variety of well-rounded types of analysis and research, with equity being one of the most crucial ones. The goal here is to ensure that your current return on equity of -8.20% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 2.60, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can be an extremely valuable indicator of volatility, and MYGN is registering an average volume of 750.41K. On a monthly basis, the volatility of the stock is set at 4.90%, whereas on a weekly basis, it is put at 5.05%, with a gain of 4.90% over the past seven days. Furthermore, long-term investors anticipate a median target price of $19.56, showing decline from the present price of $20.78, which can serve as yet another indication of whether MYGN is worth investing in or should be passed over.
How Do You Analyze Myriad Genetics Inc. Shares?
Besides checking the fundamentals, you should also know how many employees own shares in the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 3.00%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 98.46% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in MYGN shares?
The recent increase in stakes in MYGN appears to be a result of several institutional investors and hedge funds increasing their positions. BlackRock Fund Advisors’s position in MYGN has decreased by -1.07% in the first quarter. The company now owns 13,316,329 shares of the stock, with a value of $193.22 million, following the sale of -143,997 additional shares during the last quarter. The Vanguard Group, Inc. made another increased to its shares in MYGN during the first quarter, upping its stake by 1.38%. During the last quarter, the company picked up 122,120 additional shares for a total stake of worth $130.6 million, bringing number of shares owned by the company to 9,000,514.
At the end of the first quarter, SSgA Funds Management, Inc. decreased its MYGN holdings by -3.06% and now holds 4.66 million MYGN shares valued at $67.58 million with the lessened -0.15 million shares during the period. MYGN shares are owned by institutional investors to the tune of 98.46% at present.
