Myriad Genetics

(MYGN) - Get Report

shares were soaring Tuesday after the biotech firm announced a healthy second quarter that beat analyst expectations.

Shares of Myriad, which plans to spin off its research and drug development unit, were rising 12.8% to $84.84 - the highest the stock price has been in eight years.

Myriad posted a net income of $21.2 million, or 43 cents a share, compared with a net loss of $5.1 million, or 11 cents a share, from the same period a year ago.

Revenue for the quarter rose 49% to $84.4 million from $56.7 million. Analysts polled by Thomson Reuters had predicted profit of 32 cents per share on revenue of $78.9 million.

Research and development expense was $20 million for the three months that ended Dec. 31, compared with $27.3 million for the same three-month period in the prior year. Myriad attributes this decrease mainly to the discontinuation of the company's Alzheimer's disease program in June 2008.

Myriad, which makes molecular diagnostic and therapeutic products, recently made the news for buying experimental HIV drug beviramat from

Panacos Pharmaceuticals

(PANC)

for $7 million. The company competes with such names as

Abbott Laboratories

(ABT) - Get Report

and

Labcorp

(LH) - Get Report

.