Here's Why Myriad Genetics Is Soaring Today
Shares of Myriad Genetics (NASDAQ: MYGN) rose as much as 58.4% today, after the company published a filing with the U.S. Securities and Exchange Commission (SEC) disclosing that UnitedHealthcare (NYSE: UNH) will begin covering the GeneSight Psychotropic test on the first day of October. The $2,000 genetic test is used to guide the treatment of individuals with major depressive disorder or anxiety disorders, by providing insight into which drugs they're most likely to respond to.
A major study for GeneSight actually failed to meet its primary endpoint, which made many Wall Street analysts sour on the prospects of earning insurance coverage. Today's decision by UnitedHealthcare has caught investors off guard, and made them suddenly optimistic that other major insurers will follow suit.
As of 1:05 p.m. EDT, the stock had settled to a 50.9% gain.
Quelle Fool.com
