Myriad to End Development of Flurizan
Myriad's molecular diagnostics tests assess a patients' risk of developing cancer. The most successful of its tests measures a woman's risk of developing breast or ovarian cancer based on the detection of mutations in two key cancer-related genes.
Analyst Geoffrey Meacham of JPM Research said in a research report he wasn't surprised by Myriad's announcement.
"[We] would expect to see significant support for the stock due to investor interest in the predictive medicines diagnostic business," which is growing revenue at 51% in the current fiscal year, the analyst said. "Furthermore, we no longer see a short thesis at this point, and the 30% short interest on the basis of Flurizan is likely to dissolve."
Meacham reiterated his overweight rating on Myriad's shares.
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