Like the price action. Just concerned over what the manipulation machine might do. I assume they won't take big losses without a fight. Any chance Investment Banker Joe WON'T peek over the cubicle to Analyst Jane and "suggest" a downgrade? This has to be the explanation for the delay in upgrades, right? I'm cool with investor taking some risks, but they should be man enough to accept the consequences when their bet loses.
Yep, ACLU and its media cronies trot out this 60 Minutes hatchet-job every once in a while to keep people incensed about a non-issue.
Correction: Total revs are $110M (~$104M for molecular DX and ~$6M for companion DX). Assuming analyst estimates include TOTAL revenue, that's a beat, right? Can someone please clarify?
"Some experts say the company's test for the BRCA1 and BRCA2 mutations is 'technologically outmoded, incomplete and too costly,' Pollack reports. The University of Washington's Mary-Claire King, who led the team that discovered the BRCA mutations, tells Pollack that 'science has moved beyond what these folks do,'"
This article is a great example of where one must "consider the source."
First off, NYT is seriously biased against Myriad. Probably never said anything positive thing about the company. Take anything NYT says having anything to do with Myriad with a grain of salt.
Second, Mary-Claire King's team LOST the race to identify BRCA1. Her team lost that race to Myriad. Anything she says about Myriad must be carefully passed through the sour-grapes-ometer. The King team localized the gene to a particular region of chromosome 17. Not sure what is meant by "the team that discovered the BRCA mutations," but it appears intentionally misleading by suggesting King's team found the gene.
Win in court and good quarterly and yearly results. I can see the drop while the broader market was tanking, but now the market is bouncing back and MYGN is still headed down. Defies logic.
From MYGN's press release:
"The Federal Circuit also held that five of the Company’s six method claims at issue did not satisfy Section 101. More importantly, with respect to the BRCA1 and BRCA2 genes, Myriad has 232 method claims for BRACAnalysis which were not affected by this ruling and remain in full force and effect providing Myriad with equally strong method of use patent protection."
MYGN's inability to rise, and propensity to even drop, on GOOD news is simply baffling!
From Mr. Gunn's comment:
"Considering genes to be patentable is not, in fact, necessary for the development of drugs or diagnostic tests. That view is rather bizarre, because it's not the extracted DNA that is the curative element, it's the technology derived therefrom, which the DOJ has explicitly stated IS patentable. A novel isolation method, a novel diagnostic method, drugs derived from an understanding of the role of the gene in a disease process - these are all patentable. [...]
Nonetheless, I think the decision is moving in the right direction and there can be no doubt that this will boost innovation and development in this space now that competition is finally possible in the genetic testing space."
Does anyone see the contradiction here? This guy says patent claims to isolated DNA are irrelevant and diagnostic testing is patentable. Then in the next breath he exults in the fact "competition is finally possible in the genetic testing space."
His analysis is admittedly more nuanced than the drones who reacted in exactly the way DOJ hoped they would (e.g., NY Times, etc.), but he still doesn't know what he's talking about.
All universities, biotechs, and start-ups are the big losers today. MYGN will be just fine. As you've noted, smart companies have many layers of IP protection and MYGN is smart. Look for a major firestorm at the appellate level. ACLU has awakened a sleeping giant.