What Happened?
Shares of genetic testing company Myriad Genetics (NASDAQ:MYGN) jumped 5% in the afternoon session after Craig-Hallum analyst John Wilkin raised the firm's price target on the stock to $8, StreetInsider reported.
The higher price target reflects an increased valuation estimate for the company. A price target represents an analyst's projection of a stock's future market price, typically based on financial forecasts and valuation models. An upward revision in a price target indicates a more favorable view of the company's potential market value, which can positively influence investor sentiment.
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What Is The Market Telling Us
Myriad Genetics’s shares are extremely volatile and have had 44 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was 2 months ago when the stock dropped 46.1% on the news that 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.
Myriad Genetics is down 30.5% since the beginning of the year, and at $4.27 per share, it is trading 47.9% 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 $137.98.
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