What Happened?
Shares of genetic testing company Myriad Genetics (NASDAQ: MYGN) fell 46.1% in the afternoon session after the company reported disappointing second-quarter 2026 results that missed Wall Street's expectations and included a reduced full-year forecast.
Revenue for the quarter came in at $190.7 million, down 10.5% year-over-year, falling short of analysts' projections. The genetic testing company's adjusted loss per share of $0.25 was also significantly wider than anticipated.
Compounding the negative news, Myriad slashed its full-year revenue guidance to a midpoint of $780 million, a decrease of over 10% from its previous forecast, signaling expectations of continued business challenges.
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What Is The Market Telling Us
Myriad Genetics’s shares are extremely volatile and have had 41 moves greater than 5% over the last year. But moves this big are rare even for Myriad Genetics and indicate this news significantly impacted the market’s perception of the business.
The biggest move we wrote about over the last year was 12 months ago when the stock gained 36.4% on the news that the company reported strong second-quarter earnings that surpassed analyst expectations and raised its full-year revenue forecast. The genetic testing firm announced revenue of $213.1 million, which sailed past analyst estimates of around $202 million. It also posted an adjusted profit of $0.05 per share, a significant turnaround from the minor loss that experts had predicted. A key driver for this outperformance was the company's hereditary cancer testing business, which grew 9% compared to the previous year. Bolstered by this momentum, Myriad Genetics lifted its full-year revenue guidance to a range of $818 million to $828 million and secured a new $200 million credit facility to fund its growth.
Myriad Genetics is down 53.3% since the beginning of the year, and at $2.87 per share, it is trading 65% below its 52-week high of $8.18 from November 2025. Investors who bought $1,000 worth of Myriad Genetics’s shares 5 years ago would now be looking at only $92.84.
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