Shares of Molecular diagnostic products maker Myriad Genetics (MYGN) are surging higher during Friday’s midday trading session. Bloomberg in a recent report said that a court ruled diagnostic tests can be patented.
Technically speaking, over the last six month, Myriad has gained nearly 54%, but still remains at depressed levels, having fallen more than 5% year-to-date. The stock currently trades at a trailing P/E of 10.09, a forward multiple of 20.44 and a P/E to Growth ratio of 1.91. More than 900,000 MYGN shares have already traded hands compared to a daily average of around 1.02 million.
At last check, MYGN shares were up 88 cents, to $23.85, a gain of nearly 4.00%.