Here's how the API defines a Graphic:
Graphic objects are immutable, which means its state cannot change after construction. When a Graphic object is added to a GraphicsLayer via the GraphicsLayer#addGraphic(Graphic) method, this method returns a unique ID (UID) which you can then use to reference the added graphic for subsequent operations. Graphic objects are stateless so there is no guarantee that a feature in the GraphicsLayer exists after the request for the Graphic object is completed.
So, from that - I would say, no you cannot change attributes or geometry at runtime.