What Happened?
Shares of genetic testing company Myriad Genetics (NASDAQ:MYGN) fell 6.2% in the afternoon session after Piper Sandler double-downgraded the stock to Underweight, stating that major strategic action is likely needed.
Piper Sandler analyst Dave Westenberg downgraded Myriad Genetics by two notches to an Underweight rating. The analyst stated that major strategic action is likely needed for the company moving forward per TipRanks.
After the initial drop, the shares shed some of the losses and rose to $3.10, down 3.9% from the previous close.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Myriad Genetics? Access our full analysis report here, it’s free.
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 previous big move we wrote about was 8 days ago when the stock dropped 5.8% on the news that shares across biotech and big pharma cooled further as traders continued to secure profits following the extraordinary run. The sector had jumped after Phase 3 results for Moderna’s individualized neoantigen mRNA therapy, intismeran, used with Merck’s Keytruda — the first positive late-stage readout for an mRNA-based cancer vaccine over Keytruda alone. With no fresh clinical or regulatory catalyst to extend the advance, the tape has shifted into orderly, multi-session consolidation rather than a one-day fade. According to BioPharma Dive, TD Cowen’s Tyler Van Buren called the readout a “landmark moment,” while Leerink’s Daina Graybosch said the reaction looked “overly optimistic” versus nearer-term sales potential, as filings, fuller data, and a multi-year commercial ramp still stand between the trial win and widespread vaccine revenue — a setup that has left profit-taking intact into August 24, 2026.
Myriad Genetics is down 49.6% since the beginning of the year, and at $3.10 per share, it is trading 62.2% 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 $84.42.
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