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Myriad Genetics Tops June GenomeWeb Index on Positive Insurance Coverage News

NEW YORK (GenomeWeb) – The GenomeWeb Index rose 2 percent in June, outperforming the Dow Jones Industrial Average and the Nasdaq — which gained less than 2 percent and lost 1 percent, respectively — but vastly underperforming the Nasdaq Biotechnology Index, which gained nearly 9 percent.

Stock performance in the June GenomeWeb Index was mostly positive with 19 of the 26 stocks seeing gains and only seven seeing losses.

Myriad Genetics took the top spot in June with a 27 percent increase in share price. The company announced positive news early in the month, disclosing that 17 new insurance plans had released positive coverage policies for its EndoPredict breast cancer test. The plans included Blue Shield of California, Humana, and multiple regional plans. Further, Myriad said, Highmark Blue Cross Blue Shield, Independence Blue Cross, and Health Care Service Corporation had posted positive coverage policies that took effect in July. These plans altogether represent more than 35 million covered lives, raising the total of lives covered for EndoPredict to 109 million.

Later in the month, the company also said that it had inked a new long-term pricing agreement with insurer UnitedHealthcare for a number of its diagnostics.

Enzo Biochem took the second spot in June with a 23 percent bump in share price. The firm reported a 2 percent increase in third quarter revenues on June 8, thanks largely to an 8 percent increase in revenues from its clinical lab business. Its net loss also narrowed significantly to $71,000 from $2.1 million the year before.

NeoGenomics came in third in June with a 19 percent increase in share price. The firm posted a 3 percent increase in first quarter revenues in late April.

NanoString Technologies was the biggest decliner in June, dropping nearly 10 percent, despite netting approximately $56.5 million in an underwritten public offering early in the month.

The second-biggest decliner, GenMark Diagnostics, also saw its stock drop nearly 9 percent in June despite receiving 510(k) clearance from the US Food and Drug Administration for its ePlex instrument and Respiratory Pathogen Panel. The firm also announced a $75 million public offering, which led to the selloff.

Exact Sciences rounded out the bottom three, falling 3 percent in June after taking the Index's top spot two months in a row in April and May.