In a challenging market environment, Myriad Genetics , Inc. (NASDAQ:MYGN) stock has touched a 52-week low, with shares falling to $12.85. With a market capitalization of $1.18 billion and revenue growth of 12.15%, the genetic testing and precision medicine company has seen its stock price plummet by 37.29% over the past year. According to InvestingPro data, six analysts have recently revised their earnings expectations downward for the upcoming period. Investors have been cautious as the company grapples with industry-wide pressures and competitive dynamics, leading to a bearish sentiment that has weighed heavily on Myriad Genetics' market valuation. The current price level represents a critical juncture for the company as it strives to navigate through the headwinds and reposition itself for future growth. Get deeper insights into MYGN's valuation and 8 additional key ProTips with InvestingPro's comprehensive research report.
In other recent news, Myriad Genetics has experienced a series of significant developments. The company reported an 11% year-over-year revenue growth and positive adjusted earnings per share in its third-quarter 2024 earnings call. However, Leerink Partners downgraded the company's stock to Market Perform and reduced its 2025 growth estimate to 2.5%, citing concerns about potential challenges such as Medicaid cuts and competitive pressures. In response to these changes, Scotiabank (TSX:BNS) revised its price target for Myriad Genetics.
Furthermore, UBS began its coverage on shares of Myriad Genetics, assigning a Neutral rating to the stock. The firm noted an improvement in the company's growth profile but anticipates that the competitive advantages Myriad Genetics currently enjoys will dissipate by 2025.
In addition, Myriad Genetics has settled a series of shareholder derivative lawsuits without admitting any liability or wrongdoing. As part of the settlement, the company will implement specified corporate governance reforms and pay up to $950,000 in attorneys' fees and expenses. Despite potential challenges, Myriad Genetics remains committed to achieving approximately 12% revenue compound annual growth rate through 2026 and plans to launch the Precise MRD test for breast cancer in the first half of 2026.
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