Myriad Genetics Stock Plunges After Supreme Court Loss

'Jewish' Gene Decision Sends Price Tumbling 25%

courtesy of lisa schlager

By Forward Staff

Published June 14, 2013.
  • Print
  • Share Share

The stock of Myriad Genetics plunged after the Supreme Court rejected its effort to patent a human gene mutation that is linked to cancer and is common among Ashkenazi Jews.

Shares of the biotech company dropped about 15% on Friday after spiraling up by about 10% on Thursday.

The stock initially rocketed up by more than 10% in the hours after the Supreme Court decision was announced. Initial reports put a positive spin on the decision’s potential effects on the company’s lucrative effort to corner the market on the BRCA-1 gene mutation that leads to a higher risk of breast cancer.

But as more information emerged about the unanimous ruling, it gave back the gains and turned sharply negative.

Analysts say other companies may now enter the market for testing for the mutation, which may lower the price of the tests and sharply reduce Myriad’s profits.

The company’s stock had soared last month when Hollywood superstar Angelina Jolie announced she underwent a double mastectomy to avoid the risk of breast cancer related to the BRCA1 defect.

At that time, analysts pointed out that Jolie’s star power would likely spur more women to undergo the tests, which would in turn boost Myriad’s revenue.


The Jewish Daily Forward welcomes reader comments in order to promote thoughtful discussion on issues of importance to the Jewish community. In the interest of maintaining a civil forum, The Jewish Daily Forwardrequires that all commenters be appropriately respectful toward our writers, other commenters and the subjects of the articles. Vigorous debate and reasoned critique are welcome; name-calling and personal invective are not. While we generally do not seek to edit or actively moderate comments, our spam filter prevents most links and certain key words from being posted and The Jewish Daily Forward reserves the right to remove comments for any reason.





Find us on Facebook!
  • British Jews are having their 'Open Hillel' moment. Do you think Israel advocacy on campus runs the risk of excluding some Jewish students?
  • "What I didn’t realize before my trip was that I would leave Uganda with a powerful mandate on my shoulders — almost as if I had personally left Egypt."
  • Is it better to have a young, fresh rabbi, or a rabbi who stays with the same congregation for a long time? What do you think?
  • Why does the leader of Israel's social protest movement now work in a beauty parlor instead of the Knesset?
  • What's it like to be Chagall's granddaughter?
  • Is pot kosher for Passover. The rabbis say no, especially for Ashkenazi Jews. And it doesn't matter if its the unofficial Pot Day of April 20.
  • A Ukrainian rabbi says he thinks the leaflets ordering Jews in restive Donetsk to 'register' were a hoax. But the disturbing story still won't die.
  • Some snacks to help you get through the second half of Passover.
  • You wouldn't think that a Soviet-Jewish immigrant would find much in common with Gabriel Garcia Marquez. But the famed novelist once helped one man find his first love. http://jd.fo/f3JiS
  • Can you relate?
  • The Forverts' "Bintel Brief" advice column ran for more than 65 years. Now it's getting a second life — as a cartoon.
  • Half of this Hillel's members believe Jesus was the Messiah.
  • Vinyl isn't just for hipsters and hippies. Israeli photographer Eilan Paz documents the most astonishing record collections from around the world:http://jd.fo/g3IyM
  • Could Spider-Man be Jewish? Andrew Garfield thinks so.
  • Most tasteless video ever? A new video shows Jesus Christ dying at Auschwitz.
  • from-cache

Would you like to receive updates about new stories?




















We will not share your e-mail address or other personal information.

Already subscribed? Manage your subscription.