Here's Why Myriad Genetics Jumped 21.7% in September
Shares of Myriad Genetics (NASDAQ: MYGN) gained nearly 22% last month, according to data provided by S&P Global Market Intelligence. While several genetic-testing peers saw their stock prices decline by double digits in September, the pioneering developer of DNA diagnostics enjoyed a bounce thanks largely to an awful end to August.
The year-to-date stock chart for Myriad Genetics resembles a city skyline -- complete with zigs and zags, abrupt rises, and equally abrupt drops. Things got a little weird in August when the company quietly announced that a major insurer would cover an important test. Shares popped over 50% that day, but gave up all of that and more when investors realized the test in question has drawn significant scrutiny from the U.S. Food and Drug Administration (FDA).
Unfortunately, September's rise doesn't alleviate those concerns for investors, who remain hesitant. Shares of Myriad Genetics have gained just 0.4% from the beginning of the year through the first week of October.
Source Fool.com
