NEW YORK (TheStreet) -- Myriad Genetics (MYGN) rose more than 15% to a one-year high of $40.33 as of 10:50 a.m. on Wednesday after the molecular diagnostic company updated its pricing for the sequencing of the BRCA1 and BRCA2 genes.
The new pricing resulted in an increase in the total reimbursement amount for Myriad's integrated BRACAnalysis to $2,767 from $2,021. The BRACAnalysis test determines a woman's risk of developing hereditary breast or ovarian cancer based on mutation detection in the BRCA1 and BRCA2 genes.
Myriad plunged in mid-March after a judge denied Myriad's injunction request against Ambry Genetics. Myriad claimed Ambry's testing services infringed on several patent claims owned by the BRCA patent owners tied to the BRCA1 and BRCA2 genes. Myriad wanted an injunction to stop Ambry from selling the testing services.