What Happened?
Shares of genetic testing company Myriad Genetics (NASDAQ: MYGN) jumped 9.2% in the morning session after the company expanded the availability of its Precise MRD test for breast, colorectal, and renal cancers and announced positive results from a clinical study.
The test, which helps monitor treatment response and cancer recurrence, is now accessible to over 6 million individuals in the U.S. living with these cancers. Supporting the expansion, Myriad Genetics also published results from a study on the test's effectiveness in breast cancer patients. The study found that Precise MRD predicted a complete response to treatment with 100% specificity. Furthermore, patients who tested positive for circulating tumor DNA after initial therapy were 47 times more likely to remain positive after surgery, highlighting the test's ability to identify those at higher risk for residual disease. These developments underscore the test's clinical value in providing real-time insights into treatment effectiveness.
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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. 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 11 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 18.2% since the beginning of the year, and at $5.03 per share, it is trading 38.6% 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 $160.44.
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