What happened?
Shares of genetic testing company Myriad Genetics (NASDAQ: MYGN) jumped 8.1% in the morning session after the company reported third-quarter 2026 financial results, raised the mid-point of its full-year revenue guidance, and agreed to divest its Prenatal Health business to Labcorp for $210 million in cash.
According to a company press release, Myriad Genetics posted revenue of $202.7 million, reflecting a 6% sequential increase and a 1% decline compared to the previous year. The company increased its full-year 2026 revenue projection to between $780 million and $790 million, forecasting $620 million to $630 million from its Cancer Care Continuum and Mental Health units and roughly $160 million from Prenatal Health. In addition, the company announced a definitive agreement to sell the Prenatal Health business to Labcorp for $210 million in cash plus closing inventory.
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What is the market telling us
Myriad Genetics’s shares are extremely volatile and have had 48 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 16 days ago when the stock gained 22.2% on the news that the company agreed to sell its Prenatal Health testing business to Labcorp for $210 million in cash plus inventory value.
Under the definitive asset purchase agreement, Labcorp will acquire the prenatal portfolio comprising Prequel, Foresight, SneakPeek, and FirstGene, the company stated in a press release. A regulatory Form 8-K filing detailed that Labcorp expects the acquired assets to deliver roughly $160 million in first-year revenue, with the deal expected to close by early 2027 and backed by a $10.5 million reverse termination fee.
Myriad Genetics is up 3.1% since the beginning of the year, but at $6.33 per share, it is still trading 20% below its 52-week high of $7.91 from November 2025. Despite the year-to-date gain, investors who bought $1,000 worth of Myriad Genetics’s shares 5 years ago would now be looking at only $205.96.
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