Shares of Myriad Genetics shares fell to their lowest level since August 2015 on Friday after the company said it was disappointed that a Medicare administrative contractor in charge of the Mol Dx program issued a draft non-coverage decision for its rheumatoid arthritis test Vectra DA. MYGN was down 5% at $16.70 recently, having earlier traded as low as $15.86. The 52-week high is at $44.49.
In a statement to StreetInsider, the drugmaker noted the non-coverage decision is based on data from a recently published study and that it strongly disagrees with the conclusions of the study.
Myriad said that upon reanalyzing the study data using a more conventional approach, the findings were consitent with various prior studies which showed that Vectra DA accurately predicted radiographic progression in patients with rheumatoid arthritis.