Here's Why Myriad Genetics Dropped as Much as 18.6%

Here's Why Myriad Genetics Dropped as Much as 18.6%

Shares of genetic-testing leader Myriad Genetics (NASDAQ: MYGN) dropped over 18% today. That may have investors confused, especially considering the company today announced that its GeneSight platform successfully concluded a major study showing it could potentially be used to direct the treatment of depression and provide better outcomes for patients. 

It was the largest study of its kind ever conducted -- with 1,200 patients. It was a double-blind, randomized study -- the most robust design. So why did the stock drop? At the very bottom of the press release, Myriad Genetics buried one tiny piece of information that has Wall Street worried: The test didn't work in all patients.

As of 12:47 p.m. EDT, the stock had settled to an 18.2% loss.

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Source: Fool.com