by Nate Wooley | May 15, 2013 10:36 am
Gene-test maker Myriad Genetics (NASDAQ:MYGN) saw a bump in its stock yesterday in the wake of move star Angelina Jolie’s announcement of her double mastectomy.
Myriad Genetics — whose shares ticked up 3% on Tuesday — owns the genetic test that Jolie mentioned prominently in her announcement, MarketWatch reports.
The test — called BRACAnalaysis because it tests for mutations of the BRCA1 and BRCA2 genes — can strongly indicate whether a woman is at a much higher risk of developing breast and ovarian cancer. In Jolie’s case, her chance of contracting one of the diseases was at 45-84% because she tested positive.
While the test is expensive — more than $4,000 each — the price is being mitigated by the roll out of the Affordable Care Act. Recent rulings by the U.S. Department of Health and Human Services mandate that insurers cover the test as a part of preventive care if a doctor recommends it.
Jolie announced yesterday that she had both breasts removed because of her test results. She used the announcement as an opportunity to promote women’s healthcare and the need for genetic screening.
Source URL: http://investorplace.com/2013/05/stock-gets-big-boost-on-angelina-jolies-double-mastectomy-announcement/
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