Here's Why Myriad Genetics Is Tumbling Today
Shares of Myriad Genetics (NASDAQ: MYGN), a molecular diagnostics company, are falling in response to a negative analyst note that suggests demand for elective testing won't return as quickly as investors want it to. The stock has fallen 17.4% as of 1:47 p.m. EDT on Thursday.
During the first three months of 2020, testing revenue fell 25% compared to the previous year, and Jonathan Palmer from Bloomberg Intelligence thinks Myriad Genetics shareholders should brace for more disappointment. Myriad leans on its flagship hereditary cancer business for 52% of total revenue and Palmer estimates test volumes could drop by 70% to 75% during the present quarter.
Image source: Getty Images.
Source Fool.com
