ARTICLE | Finance
Breaching Myriad's walls
Myriad shares jump, then slump on fast moving competition following SCOTUS
June 17, 2013 7:00 AM UTC
Myriad Genetics Inc. (NASDAQ:MYGN) jumped more than 10% in intraday trading Thursday as the company claimed victory on a U.S. Supreme Court ruling allowing cDNA patents. But the shares ended the day down 6% and tumbled further Friday after several companies announced plans to offer competing breast cancer tests priced as low as one-third of Myriad's BRACAnalysis test.
In a Thursday press release, Myriad highlighted the court's decision to uphold its patent claims on cDNA clones of the breast cancer 1 early onset (BRCA1) and BRCA2 genes (see "The Sky Isn't Falling," A13). ...