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Tuesday, February 4, 2014

Myriad Genetics raises full-year forecast on Crescendo buy, (NASDAQ: MYGN)

Molecular diagnostics company Myriad Genetics Inc said it plans to purchase Crescendo Bioscience for $270 million to enter the autoimmune market, and raised its full-year forecast. Myriad Genetics, whose shares rose about 16 percent in extended trading, said it expects earnings of $2.09-$2.12 per share on revenue of $740-$750 million in the year ending June 30.It had earlier forecast $1.92-$1.97 per share on revenue of $700-$715 million.Myriad also reported a better-than-expected profit for the second quarter, helped by higher sales of its breast and ovarian cancer detection tests.Net income rose to $50.4 million, or 66 cents per share, in the quarter ended Dec. 31, from $35.0 million, or 42 cents per share, a year earlier.

Myriad Genetics, Inc. (Myriad) is a molecular diagnostic company. Shares of MYGN fell by 0.88% or $-0.24/share to $27.18. In the past year, the shares have traded as low as $20.02 and as high as $38.27. On average, 2385890 shares of MYGN exchange hands on a given day and today's volume is recorded at 2432097.



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