Myriad Genetics Shares Jump To 9-Month High On Insurance Coverage For Genetic Test

Shares of molecular diagnostics company Myriad Genetics, Inc. (NASDAQ: MYGN) were rallying to a nine-month high Thursday on above-average volume.

Myriad shares are reacting to a decision by UnitedHealth Group Inc (NYSE: UNH) to cover pharmacogenetic testing with multigene panels, including the former's GeneSight Psychotropic test.

The test can be used by people diagnosed with depression who have failed at least one medication. It analyzes how the DNA affects the response to depression medications, and assists physicians in prescribing optimal medication.

Myriad shares were rallying by 50.79% to $43.94, their highest level since Nov. 2, 2018.

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