Myriad Genetics (MYGN) was hit by multiple analyst downgrades Monday, and a 16% plunge on the stock market today, after the Center for Medicare & Medicaid Services confirmed over the weekend that it’s cutting reimbursement on Myriad’s genetic tests for breast-cancer vulnerability. Myriad was near 20.15 in morning trading Monday, a 52-week low. Late Friday, the CMS said that starting Jan. 1 it will pay $1,438.14 for Myriad’s test of the BRCA 1 and
(UPDATE: The Center for Medicare & Medicaid Services reportedly announced that it will reimburse Myriad $1,438 for each BRACAnalysis breast-cancer gene test. That is far lower than expected, says Piper Jaffray analyst William Quirk, and hurt the stock. But he says that was an error that should be clarified in a few days.) Myriad Genetics (MYGN) was sued by diagnostics company Invitae over its genetic testing patents Monday, sending Myriad stock tumbling 4.5% in morning trading on the stock market today, near 28.50. Invitae’s move was a counterattack after Myriad named Invitae as a defendant in its own lawsuit, which Invitae said last week it would vigorously contest. The lawsuits are continuing to work out the implications of last June’s Supreme Court decision
BioMarin Pharmaceutical (BMRN) stock was up nearly 4% in midday trading on the stock market today, after the biotech won an FDA panel vote and announced a new deal with Myriad Genetics (MYGN). Late Tuesday, an advisory panel to the FDA recommended approving Vimizim, a treatment for a rare genetic disease called Morquio syndrome. The disease, which retards growth and causes skeletal deformities, is currently treated only with palliative measures,