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Stock Market & Financial Investment News

News Breaks
June 2, 2014
07:10 EDTMYGNMyriad presents myPath Melanoma clinical validation study results
Myriad Genetics presented results from a pivotal clinical validation study of the Myriad myPath Melanoma test at the 2014 American Society of Clinical Oncology annual meeting. The Myriad myPath Melanoma test has now shown reproducible results in two large cohorts. Last November, Myriad presented results from its verification study at the American Society of Dermatopathology annual meeting. Data from that verification study of 464 lesions showed that the Myriad myPath Melanoma test had greater than a 90 percent diagnostic accuracy in differentiating malignant melanoma from benign skin lesions in a variety of subtypes. Additionally, an analysis of a prospective clinical utility study was highlighted at ASCO and initial findings from that study are consistent with earlier findings from a retrospective clinical utility study that was presented at the United States & Canadian Academy of Pathology's annual meeting in March. The USCAP data demonstrated a 33% change in medical management based upon the Myriad myPath Melanoma test result.
News For MYGN From The Last 14 Days
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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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October 9, 2014
14:54 EDTMYGNCapital World Investors reports 10.5% passive stake in Myriad Genetics

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