Myriad Genetics (NASDAQ:MYGN) shares fell 7.1% in pre-market trading to $2.99 after Piper Sandler downgraded the stock to “Underweight” from “Overweight” and reduced its price target to $2.00 from $5.45.
The brokerage questioned the company’s ability to achieve sustainable profitability through revenue growth or cost reductions alone and identified potential asset divestitures as an alternative route for generating shareholder value.
Piper Sandler’s assessment represents the firm’s opinion and does not indicate future financial or share-price performance.
Second-quarter revenue declined 10.5%
The downgrade follows Myriad Genetics’ second-quarter 2026 results, when revenue fell approximately 10.5% year over year to $190.7 million.
Revenue was also around 7.4% below Wall Street expectations, according to the supplied information.
Myriad reduced its full-year 2026 revenue guidance following the results. The midpoint of the revised outlook stands at $780 million, more than 10% below the midpoint of the company’s previous forecast.
Piper Sandler assesses strategic options
Piper Sandler also referred to a strategic review undertaken by Myriad Genetics in early 2025 that concluded without any asset sales.
The brokerage interpreted that outcome as indicating limited interest from potential buyers at valuations acceptable to the company. This represents Piper Sandler’s assessment rather than an established conclusion regarding external demand for Myriad’s assets.
Several other brokerages, including Wells Fargo, Bank of America, TD Cowen and Stephens, have also reduced their price targets since the company reported its second-quarter results.
Analyst ratings and price targets represent estimates and opinions and do not guarantee future share-price performance.
Shares approach 52-week low
Myriad Genetics’ decline came as broader U.S. equity markets also traded lower. The Nasdaq fell 0.9%, while the S&P 500 and Dow Jones each declined 0.5%.
At $2.99, Myriad shares were trading above their 52-week low of $2.74 and below their 52-week high of $8.59.
Tuesday’s pre-market decline followed Piper Sandler’s rating change and reduced price target, while investors continue to assess Myriad Genetics’ lower 2026 revenue guidance and future profitability.
Myriad Genetics stock price
