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In a challenging market environment, Myriad Genetics , Inc. (NASDAQ:MYGN) stock has touched a 52-week low, reaching a price level of $14.54 USD. With a market capitalization of $1.37 billion, the company maintains a "GOOD" overall financial health score according to InvestingPro analysis. This latest dip reflects a broader trend for the genetic testing and precision medicine company, which has seen its shares decline by 11.96% over the past year. Despite posting 12.15% revenue growth in the last twelve months, InvestingPro data reveals that six analysts have revised their earnings downwards for the upcoming period. Investors are closely monitoring Myriad Genetics as the company navigates through a complex healthcare landscape, with the stock's performance being a key indicator of its current market position and future potential amidst evolving industry dynamics. For deeper insights into MYGN's valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Myriad Genetics has reached a settlement in a series of shareholder derivative lawsuits, agreeing to implement specified corporate governance reforms and pay up to $950,000 in attorneys' fees and expenses, without admitting any liability or wrongdoing. The company also reported an 11% year-over-year revenue growth and a positive adjusted earnings per share in its third-quarter 2024 earnings call. The revenue target for 2024 was adjusted to approximately $840 million with an increased EPS target to $0.12-$0.14.
Scotiabank (TSX:BNS) revised the price target for Myriad Genetics due to potential risks from UnitedHealth Group (NYSE:UNH)'s policy change, which may cease coverage of Myriad Genetics' GeneSight testing from 2025, resulting in an approximately $40 million annualized revenue impact. Despite this, Myriad Genetics is focused on achieving approximately 12% revenue compound annual growth rate through 2026. The company plans to launch the Precise MRD test for breast cancer in the first half of 2026 and has made significant investments in lab technologies, including EMR system integrations.
These recent developments are being actively addressed by CEO Paul Diaz and Senior VP Matt Scalo, who are engaging with UnitedHealthcare and other stakeholders. The company is also making substantial investments in clinical evidence across products to drive future growth.
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