Myriad Genetics heads into the post-earnings stretch with the stock trading close to multi-year lows, still loss-making at the operating level, and the Street in a cautious but not dismissive mood — a setup defined less by conviction in either direction than by a slow-motion search for a turning point.
The company reported Q1 FY2026 results on May 5. Revenue came in at $200.4 million, slightly below the $202.5 million consensus estimate. Adjusted EPS of -$0.09 also missed by two cents. That's a thin miss, and management's decision to reaffirm full-year revenue guidance of $860-880 million is the number that matters most. The stock held up — it's up 1.8% on the day and 3.9% on the week to $5.03 — which is itself a small signal that the bar has been reset low enough that merely holding guidance reads as a relative relief.
Short positioning tells a more nuanced story. At roughly 9% of free float, shorts are meaningful. But that figure has fallen sharply — down 27% over the past month, from around 11.5 million shares in early April to 8.4 million now. The move lower in short interest is the dominant trend. Borrowing costs have collapsed in parallel, from over 1% in mid-April to just 0.36% today. Availability is generous, with plenty of shares available to borrow relative to current short interest. The days-to-cover reading ranks in the 74th percentile, but with covering pressure clearly in play, the borrow market is far from stressed. The ORTEX short score sits at a neutral 50.2, and the trend has been gently declining all week.
Options traders are leaning bullish relative to their own recent history. The put/call ratio has dropped to 0.35, below its 20-day average of 0.37 and within range of the year's lowest defensive readings. The 52-week low on the PCR is 0.032, the high 0.50 — so at 0.35 the positioning is roughly mid-range but tilted toward calls. Notably, earlier in April the PCR briefly touched 0.50 (the 52-week high), suggesting a moment of peak anxiety that has since unwound. That shift broadly tracks the short-covering wave: both sets of participants were more defensive in early April and have eased off since.
The analyst picture is one of compressed targets and steady-state scepticism. Wells Fargo moved this morning — maintaining its Equal-Weight but trimming the price target to $5.50 from $6.00, citing the slight Q1 miss. That action follows a February round of cuts from both Wells Fargo and UBS, who each stepped down targets after Q4. The mean analyst target is $7.28, which is 45% above current price. But the EPS momentum 30-day factor score of 29 — near the bottom third — flags that estimate revisions have been trending negative in the near term. The 90-day EPS momentum score is stronger at 77, and the EPS surprise percentile is a standout 96, meaning the company has reliably beaten consensus over a longer horizon even as those consensus numbers have drifted lower. The bull case centres on a ramp in oncology volumes — particularly hereditary cancer testing and Precise MRD — while bears point to the sustained EBITDA losses and a gross margin of 68.7% that fails to flow through to the bottom line given SG&A intensity of almost equal magnitude.
One ownership feature stands out. Glenview Capital holds 5.2% and added 2.2 million shares in its last reported filing. State Street added nearly one million shares as of the end of March. Those are sizeable additions for a stock trading at $5. At the same time, insider activity over the past 90 days has been net selling — CEO, CFO, CSO, and COO all sold small quantities in March and April, though none of the values are material enough to read as a conviction call. The CCO sold 56,000 shares at $4.80 on May 1, the largest single insider transaction in the window, immediately ahead of the earnings print.
The next scheduled catalyst is a Q2 earnings event on June 4. Between now and then, the question that defines this stock is whether the revenue trajectory can visibly bend upward — guidance implies roughly 6% full-year growth from Q4's $209.8 million run-rate, and Q1's $200.4 million print leaves that target entirely dependent on acceleration in Q2 and beyond.
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