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Stock Market & Financial Investment News

News Breaks
February 5, 2014
11:40 EDTGHDX, MYGN, TROV, SQNMMyriad Genetics rallies after buying rival, increasing 2014 outlook
Shares of molecular diagnostic company Myriad Genetics (MYGN) are climbing after the company reported second quarter results that beat consensus expectations, raised its fiscal 2014 outlook, and announced an acquisition. WHAT'S NEW: Last night, Myriad Genetics reported second quarter earnings per share of 66c and revenue of $204.1M, easily topping analysts' consensus expectations of 46c and $176.02M, respectively. The company raised its FY14 EPS view to $2.09-$2.14 from $1.92-$1.97, and boosted its FY14 revenue outlook to $740M-$750M from $700M-$715M. FY14 consensus estimates were $1.97 and $705.62M prior to the company's announcement. In addition, the company said it has a definitive agreement to acquire rival Crescendo Bioscience for $270M in cash. ANALYST REACTION: This morning, analyst commentary was mixed. Research firm JMP Securities upgraded Myriad Genetics to Market Perform from Underperform citing the companyís stronger than expected results. Conversely, Ladenburg downgraded Myriad to Neutral from Buy, citing valuation. PRICE ACTION: In late morning trading, Myriad rose $2.72, or 10%, to $29.90 on more than twice its average daily trading volume. The stock is up about 10% over the past twelve months. OTHERS TO WATCH: Myriadís competitors include Sequenom (SQNM), TrovaGene (TROV), and Genomic Health (GHDX).
News For MYGN;SQNM;TROV;GHDX From The Last 14 Days
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December 19, 2014
12:12 EDTMYGNMyriad Genetics receives FDA approval of BRACAnalysis CDx
Myriad Genetics (MYGN) announced that it has received approval from the U.S. FDA for BRACAnalysis CDx to be used as the only companion diagnostic in conjunction with AstraZeneca's (AZN) drug Lynparza. Lynparza is the first poly ADP-ribose polymerase inhibitor for patients with germline mutations in BRCA1/2 advanced ovarian cancer who have had three or more lines of chemotherapy. BRACAnalysis CDx is Myriad's first FDA-approved companion diagnostic for use with a novel PARP inhibitor. BRACAnalysis CDx is a highly accurate molecular companion diagnostic test that identifies deleterious or suspected deleterious mutations in the BRCA1 and BRCA2 genes, using DNA obtained from a blood sample. BRACAnalysis CDx was proven in clinical studies to effectively identify patients with BRCA mutations who would be candidates for Lynparza. The approval of BRACAnalysis CDx demonstrates Myriad's commitment to developing companion diagnostics and is the culmination of an intensive, multiyear scientific collaboration with AstraZeneca to advance personalized medicine for women with ovarian cancer.
10:17 EDTMYGN, GHDXOn The Fly: Analyst Initiation Summary
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07:15 EDTMYGNMyriad Genetics initiated with a Market Perform at Wells Fargo
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07:15 EDTGHDXGenomic Health initiated with a Market Perform at Wells Fargo
Price target range $33-$35.
December 18, 2014
08:05 EDTGHDXGenomic Health apoints Patrick F. Terry as Chief Commercial Officer
Claritas Genomics appointed Patrick F. Terry to the role of Chief Commercial Officer. Terry has been involved in shepherding multiple biotechnology products through commercial development to clinical delivery.
December 17, 2014
10:21 EDTMYGNMyriad denied appeal to block competing breast cancer tests, Bloombeg reports
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December 11, 2014
12:54 EDTMYGNMyriad Genetics management to meet with William Blair
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December 10, 2014
08:06 EDTGHDXGenomic Health presents first results of Oncotype DX breast cancer test
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December 9, 2014
09:03 EDTGHDXGenomic Health advances development of novel liquid biopsy-based cancer tests
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December 8, 2014
07:26 EDTGHDXLeerink to hold a tour
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