Shares of Myriad Genetics (MYGN) are soaring in Wednesday's trading session, showing a significant uptick of 5.03%. This notable movement comes on the heels of a positive development from a major Wall Street firm.

Wells Fargo, a prominent financial institution, has raised its target price for Myriad Genetics from $6 to $6.5. This adjustment represents an 8.33% increase in the bank's valuation of the company's stock. Such revisions from respected financial analysts often carry weight with investors and can influence trading patterns.

The increase in target price typically signals that analysts at Wells Fargo have become more optimistic about Myriad Genetics' future prospects. This could be based on various factors, such as improved financial performance, positive industry trends, or promising developments within the company. As investors digest this new information, it appears to be translating into increased demand for MYGN shares, driving the stock's impressive intraday gain.