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Here's Why Myriad Genetics (MYGN) is a Strong Momentum Stock

Zacks Equity Research
·2 min read

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.

Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.

Is This 1 Momentum Stock a Screaming Buy Right Now?

Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

Myriad Genetics (MYGN)

Myriad Genetics, headquartered in Salt Lake City, UT, employs a number of proprietary technologies to target the genetic basis of human diseases and the role these genes might play in the onset, progression and treatment of the respective diseases. The company currently has 12 proprietary molecular diagnostic products in the market.

MYGN sits at a Zacks Rank #3 (Hold), holds a Momentum Style Score of B, and has a VGM Score of B. The stock is up 5.8% and up 3.5% over the past one-week and four-week period, respectively, and Myriad Genetics has gained 64.8% in the last one-year period as well. Additionally, an average of 627,855.13 shares were traded over the last 20 trading sessions.

Momentum investors also pay close attention to a company's earnings. For MYGN, eight analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.21 to $0.10 per share for 2024. MYGN boasts an average earnings surprise of 213.4%.

With strong earnings growth, a good Zacks Rank, and top-tier Momentum and VGM Style Scores, investors should think about adding MYGN to their portfolios.

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Myriad Genetics, Inc. (MYGN) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research