Fri Sep 20 12:36:11 UTC 2024: ## Myriad Genetics Stock Hits New 52-Week High Amidst Analyst Optimism
Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) soared to a new 52-week high on Wednesday, reaching $29.30 before settling at $28.55. The surge in stock price comes on the heels of positive analyst sentiment and a strong earnings report.
Several research firms have recently upgraded their price targets on MYGN, including Piper Sandler, Morgan Stanley, and TD Cowen. While Jefferies Financial Group maintains an “underperform” rating, the overall sentiment from analysts leans towards bullish. MarketBeat currently assigns MYGN an average rating of “Hold” with a consensus price target of $28.91.
Myriad Genetics surpassed analyst expectations in its latest earnings report, reporting $0.05 earnings per share for the quarter, exceeding the anticipated ($0.01). The company also saw revenue of $211.50 million, surpassing the expected $206.44 million.
Despite this positive news, some insider trading activity has occurred. Director Colleen F. Reitan sold 46,012 shares of the company’s stock on September 3rd, and Director Heinrich Dreismann sold 10,000 shares on September 9th. However, institutional investors continue to show confidence in MYGN, with Charles Schwab Investment Management Inc., BNP Paribas Financial Markets, Dimensional Fund Advisors LP, and Principal Financial Group Inc. all increasing their stakes in the company during the last quarter.
Myriad Genetics is a genetic testing and precision medicine company specializing in molecular diagnostic tests for oncology, women’s health, and pharmacogenomics. The company’s strong performance and continued analyst support suggest a positive outlook for MYGN in the coming months.
First Piper 