Investor Alert: Kaplan Fox Investigates Myriad Genetics, Inc.
NEW YORK, Aug. 16, 2019 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating claims on behalf of investors who purchased shares of Myriad Genetics, Inc. ("Myriad" or the "Company") (NASDAQ: MYGN).
On May 7, 2019, in connection with reporting third quarter 2019 financial results for the period ending March 31, 2019, Myriad gave guidance for expected fiscal fourth quarter revenue of $220 million.
On August 13, 2019, after the market closed, Myriad reported its fourth quarter financial results, including revenue of only $215 million, more than 2% below its prior guidance "largely due to lower reimbursement for [its] expanded carrier screening test."
Also on August 13, 2019, during the conference call to discuss Myriad's fourth quarter results, the Company disclosed that "[i]n May we made the decision to discontinue our Analgesics and ADHD [GeneSight] products because of the level of clinical evidence did not meet the same high standard set by the GeneSight psychotropic test in the GUIDED study." Additionally, Myriad indicated that "a few payers' express[ed] similar views and we wanted to eliminate any potential hurdles to commercial payer coverage for GeneSight psychotropic." As a result, Myriad not only "saw the direct impact of pulling ADHD and analgesic, but…the collateral impact was that consummately their GeneSight psychotropic volume came down as well…because there are large volume ordering physicians that ordered the entire set of products." Some physicians apparently "went to other laboratories," while others "stopped ordering entirely."
Additionally, during the August 13 conference call, Myriad disclosed that "the FDA requested changes to the GeneSight [Psychotropic] test offering" and that the Company has "been in ongoing discussions with the FDA regarding its request."
Following this news, Myriad's stock price fell $19.05 per share, nearly 43%, to close at $25.50 per share on August 14, 2019.
If you purchased Myriad shares and would like to discuss our investigation, please contact us by emailing firstname.lastname@example.org or by calling 800-290-1952.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about your rights or interests, please contact:
Jeffrey P. Campisi
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SOURCE Kaplan Fox & Kilsheimer LLP
Company Codes: NASDAQ-NMS:MYGN