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Stock Market & Financial Investment News

News Breaks
May 23, 2014
06:54 EDTMYGN, LHMyriad remains in Horizon New Jersey network, says William Blair
William Blair believes there is confusion around Horizon BCBS of New Jersey's BRCA commentary, which it feels attributed to the recent pullback in shares of Myriad Genetics (MYGN). The firm said Horizon reiterated LabCorp's (LH) preferred network status and suggested that doctors should use LabCorp for BRCA testing. The insurer does not refer to a change in Myriadís network status as a participating provider in Horizonís network, the firm points out. William Blair says it has not seen evidence that Myriad is being excluded as a network provider. It maintains an Outperform rating on the stock.
News For MYGN;LH From The Last 14 Days
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October 30, 2014
07:15 EDTMYGNASCO / ASTRO / IASLC to hold symposium
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October 28, 2014
06:57 EDTLHLabCorp sees FY14 revenue growth 3%, consensus $5.93B
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06:49 EDTLHLabCorp sees FY14 adjusted EPS $6.70-$6.80, consensus $6.73
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06:48 EDTLHLabCorp reports Q3 adjusted EPS $1.80, consensus $1.75
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October 27, 2014
15:36 EDTLHNotable companies reporting before tomorrow's open
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07:14 EDTMYGNMyriad Genetics announces inclusion of Prolaris test on NCCN Guidelines
Myriad Genetics announced that its Prolaris test has been included in the National Comprehensive Cancer Network Clinical Practice Guidelines in Oncology, or NCCN Guidelines, for all men with localized prostate cancer, regardless of their risk category. The NCCN guidelines provide treatment recommendations to ensure that patients receive diagnostic treatment and services that are likely to improve clinical outcomes. Specifically, the updated NCCN guidelines include the use of the Prolaris test to help patients better assess their risk of disease specific mortality and biochemical recurrence. Importantly, Prolaris is supported by seven peer-reviewed publications and is the first and only genetic test for prostate cancer that is: Proven and validated based on gold standard clinical endpoints of disease recurrence and prostate cancer-specific death in untreated men, thus identifying men who can safely forgo initial surgery or radiation and be managed with active surveillance; Proven in clinical utility studies to change treatment recommendations for up to 65% of prostate cancer patients in all risk categories, which may enhance adherence to recommended treatments; and to receive a draft local coverage determination, or LCD, for Medicare reimbursement for low-risk patients.
October 24, 2014
09:05 EDTMYGNMyriad Genetics establishes tumor BRACAnalysis CDx lab in Europe
Myriad Genetics, announced it has established a Tumor BRACAnalysis CDx laboratory in Europe. Myriad's next-generation Tumor BRACAnalysis CDx test is a companion diagnostic that will identify up to 50% more patients with BRAC mutations who may benefit from treatment with PARP inhibitors, such as olaparib, compared to conventional germline testing alone. Olaparib is a novel PARP inhibitor being developed by AstraZeneca. Earlier today, the European Medicines Agency's, or EMA, Committee for Medicinal Products for Human Use, or CHMP, recommended marketing authorization for olaparib as monotherapy for the maintenance treatment of adult patients with platinum-sensitive relapsed BRCA-mutated, or germline and/or somatic, high grade serous epithelial ovarian, fallopian tube or primary peritoneal cancer who are in response to platinum-based chemotherapy. It is estimated that more than 22% of all ovarian cancer patients carry a deleterious germline or somatic mutation in the BRCA1 or BRCA2 genes and may benefit from olaparib therapy.
October 20, 2014
08:45 EDTLHLabCorp launches HIV GenoSure Archive
Laboratory Corporation of America Holdings and Monogram Biosciences, Inc., part of the LabCorp Specialty Testing Group, today announced the launch of HIV GenoSure Archive, the first laboratory test to help optimize antiretroviral drug regimens in virally suppressed HIV patients. GenoSure Archive was developed using the Next Generation Sequencing platform.
October 17, 2014
12:52 EDTMYGNOn The Fly: Midday Wrap
Stocks on Wall Street were sharply higher at midday, as the averages bounce back following steep declines in several recent sessions. Better than expected earnings from General Electric (GE) and Morgan Stanley (MS), a rebound in European stock markets and a stronger than expected reading on U.S. consumer confidence may all be contributing to the brightened mood evidenced by today's trading. ECONOMIC EVENTS: In the U.S., housing starts rebounded 6.3% to a 1.017M pace in September, beating expectations for a monthly increase of 4.6%. Building permits increased 1.5% to a 1.018M rate, which was below the expected 2.3% rise. The first release on the University of Michigan's consumer sentiment index for October came in at 86.4, versus expectations for a decline to 84.0 from the prior 84.6 reading. COMPANY NEWS: General Electric shares rose over 3% after the company reported better than expected third quarter profit and nearly in-line revenues. Morgan Stanley, whose quarterly results also topped Street expectations, advanced 2.5%. MAJOR MOVERS: Among the notable gainers was Westmoreland Coal (WLB), which gained 23% after it stuck a deal to acquire Oxford GP, the general partner of Oxford Resource Partners (OXF), and contribute certain royalty bearing coal reserves to Oxford in return for Oxford common units. Afterward, Brean Capital raised its price target on Westmoreland to $60, noting the announcement represents an entry into the MLP space. Also higher were shares of Textron (TXT), which advanced 11% after the aircraft and defense company reported better than expected third quarter earnings per share and raised its profit outlook for fiscal 2014. Among the noteworthy losers was Urban Outfitters (URBN), which dropped 13% and was downgraded by at least three Street research firms after the owner of Anthropologie and its namesake clothing stores warned that its Q3 earnings may be negatively impacted by continued weakness in its comparable retail sales. Also lower was Myriad Genetics (MYGN), which fell 7% after guiding to lower than expected Q1 adjusted earnings, citing a higher than expected increase in costs to perform its myRisk Hereditary Cancer test following the test's national launch. INDEXES: Near midday, the Dow was up 295.34, or 1.83%, to 16,412.58, the Nasdaq was up 62.43, or 1.48%, to 4,279.82, and the S&P 500 was up 29.48, or 1.58%, to 1,892.24.
07:16 EDTMYGNMyriad Genetics receives draft medicare coverage for Prolaris
Myriad Genetics announced that Palmetto GBA, a Medicare Administrative Contractor, or MAC, that assesses molecular diagnostic technologies, has issued a draft local coverage determination, or LCD, for Prolaris, Myriad's prostate cancer test. The LCD is posted to the Medicare Coverage Database on the Centers for Medicare & Medicaid Services, or CMS, website and establishes the coverage policy for Medicare beneficiaries. The current language in the draft LCD provides reimbursement coverage for the approximately 50% of prostate cancer patients defined as low and very low risk. Under Medicare rules, the draft LCD is subject to a minimum 45-day public comment period. After comments are considered, a final LCD is issued, which goes into effect after a minimum 45-day notification period.
07:14 EDTMYGNMyriad Genetics sees FY15 EPS $1.90-$2.00, consensus $1.93
Backs FY15 revenue guidance of $800M-$820M, consensus 804.15M.
07:14 EDTMYGNMyriad Genetics sees Q1 adjusted EPS 25c, consensus 41c
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07:00 EDTMYGNMyriad Genetics trading halted, pending news
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