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Fly News Breaks for September 25, 2019
MYGN
Sep 25, 2019 | 05:44 EDT
The most important debate for shares of Myriad Genetics remains potential regulatory action for GeneSight, Barclays analyst Jack Meehan tells investors in a research note. The analyst believes recent "regulatory breadcrumbs" confirm the risks inherent in his Underweight thesis on Myriad shares. The most recent important update was a letter submitted by the American Clinical Laboratory Association to the FDA on September 18 saying that the ACLA is "Deeply Concerned by FDA Actions on Pharmacogenetic Testing," says Meehan. If the lab industry were having positive FDA dialogue, there would have been no need to publish a formal four-page letter raising concerns about the regulatory review taking place, contends the analyst. He believes potential premarket approval application review of the test would raise further regulatory risk for GeneSight.
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