Piper Sandler upgraded MYGN to "overweight" from "neutral"
Medical equipment stock Myriad Genetics Inc (NASDAQ:MYGN) was last seen up 9.8% at $11.25, after an upgrade from Piper Sandler to "overweight" from "neutral," with a price-target hike to $12.50 from $11.50. The firm noted an attractive entry point following the stock's extended pullback, and cited the CEO change, as Sam Raha will replace Paul Diaz on April 30.
Today's surge builds on MYGN’s 6.8% gain in the previous session, following its March 10 five-year low of $9.24. The stock broke below support at $12 after a late-February post-earnings bear gap, which it has yet to fully recover from. Over the last six months, MYGN has plunged 57.8%.
Short sellers have been increasing their bets, with short interest now accounting for 6.1% of the stock's available float. Meanwhile, Myriad Genetics’ 14-day relative strength index (RSI) of 22.7 signals the stock is deep in "oversold" territory.
Despite MYGN’s struggles, 10 of the 17 analysts in coverage still maintain a "hold" or worse rating. However, the 12-month consensus price target of $17.41 represents a 54.7% premium to current levels, suggesting potential room for upside.