Myriad Genetics (MYGN) Stock Rockets On Coverage Chatter

Myriad Genetics MYGN Stock News

Myriad Genetics, Inc. (NASDAQ: MYGN) is having an incredibly strong start to the trading session this morning, trading on gains of more than 23% early on. Interestingly, the company has issued no press releases, nor submitted SEC filings.

Rumor Confirmed: MYGN’s GenSight product gains UnitedHealthcare coverage!

The gains seem to be the result of a rumor. Here’s what’s going on:

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MYGN Climbs As Rumors Suggest More Coverage Coming

Myriad Genetics hasn’t issued any news or press releases in some time. However, that’s not holding the stock back today. Instead, rumors surrounding product coverage by a leading insurance company seem to be propelling the stock to the top.

According to the rumors UnitedHealthcare is going to make a decision to provide further coverage for MYGN products. UnitedHeathcare currently covers several products provided by the company, including a product provided by the company under the brand name EndoPredict. The test essentially provides genetic information that helps practitioners decide which treatments would be best for patients with breast cancer.

However, according to the rumors, UnitedHealthcare will soon be providing further coverage for products developed by MYGN. No further detailes have been provided through the rumors, however, extended coverage from a key player like UnitedHealthcare would be a big deal.

A Couple Of Things To Think About

First and foremost, it’s important to keep in mind that at the moment, this is not news, it’s a rumor. The truth of the matter is that the most common way that the market is manipulated is through rumors. So, making moves based on rumors can be incredibly risky.

Nonetheless, there may be some real validity to this rumor. The truth of the matter is that UnitedHealthcare currently covers multiple tests offered by Myriad Genetics. However, it does not cover ALL tests offered. Moreover, some recent coverage decisions have expanded the relationship payor/provider relationship between MYGN and UNH. Considering this, it wouldn’t be a shocker to see that UnitedHealthcare made the decision to cover more products.

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