Active Stocks: Myriad Genetics, Inc [NASDAQ: MYGN] was one of the biggest gainers in Thursday’s session. The stock closed the day with gains of 54.46% on a day that markets in the U.S and globally were in the red. Myriad was boosted by an announcement by UnitedHealth Group that it would be reimbursing for expenses incurred on MYGN’s GeneSight genetic testing product.
This has effectively opened up a new revenue stream for MYGN and investors are excited. GeneSight is a product by Myriad that can identify medications are likely to work best on different individuals, and help patients save money. It’s the reason why UnitedHealth will begin to cover Myriad products.
With a new revenue opening that is likely to significantly boost the bottom-line, even a market-wide drop couldn’t deter bullish momentum in MYGN yesterday. The markets have largely been weak this week after a series of high impact news. It started with the Fed cutting interest rates in a move that was received with mixed reactions by investors. Just as markets were starting to recover, President Trump announced that the U.S would be imposing tariffs on $300 billion worth of Chinese goods. It is a move that has created uncertainty, and sent shock waves in the global markets. At yesterday’s close, U.S markets were in the red, and in today’s session, major global markets, are following the same bearish trend.
For MYGN, the price action remained bullish yesterday. All through Thursday’s session, the stock held on to most of its gains. MYGN traded as high as $46.94 on the day and closed at $45.01. Even the small correction that this stock experienced just before the day’s close didn’t break its intra-day support range. As such, it will be an interesting stock to watch in the day. If it holds, MYGN could hang on to Thursday’s gains in the day.