MYGN, the Next AMGN

[NY4Ever]

Another day with good buying suggesting a strong close. The real float is rapidly deminishing with only a little over 5 million shares in the hands of the public. Stock is acting very well today despite a weak biotech market. My target of 29 - 30 by the end of March right on course. Also, 40 by the end of June could be closer to 50. Best buy among all the biotechs for the next 5 years with a potential of a 1000% move. Truly another AMGN as time will prove.

[NY4Ever]

Stock a strong buy into today's selloff with the stock down 69 currently. No change in 29 - 30 end of month target.

[NY4Ever]

Why MYGN sold off yesterday:

Flaw Seen in Genetic Test for Breast Cancer Risk



By ANDY POLLACK
Published: March 22, 2006
The widely used genetic test for breast cancer risk can miss mutations that help cause the disease, according to a new study, a finding that is likely to increase the pressure to develop more thorough testing methods.

The test, which looks for mutations in genes called BRCA1 and BRCA2, missed them in about 12 percent of breast cancer patients from families with multiple cases of breast or ovarian cancer, according to the study's authors at the University of Washington.

Experts cautioned that the chances of such false negative results were much smaller for women who were not from such high-risk families, so that most women who tested negative had little cause for concern.

In addition, experts said that even Ashkenazi Jews, who have a relatively high incidence of mutations, tend to have specific types that are not likely to be missed by the test. In addition, if a woman is tested for the same specific mutation her mother has, the test is not likely to miss it if it is there.

Still, experts said women in families with multiple cases of breast and ovarian cancer should take precautions as if they had a mutation, even if none was found.

"Everyone who has a strong family history and is negative should be considering how negative that result really was," said Dr. Judy E. Garber, director of the cancer risk and prevention program at the Dana-Farber Cancer Institute in Boston.

The new study, being published in The Journal of the American Medical Association, is likely to increase the pressure on Myriad Genetics, which offers the test.

The company, based in Salt Lake City, has long been the focus of controversy because its patents give it a monopoly on the test, for which it charges as much as $3,000. Some geneticists say the monopoly has slowed development of better testing.

[gerihearne]

your opinion

Why MYGN sold off yesterday:

Flaw Seen in Genetic Test for Breast Cancer Risk



By ANDY POLLACK
Published: March 22, 2006
The widely used genetic test for breast cancer risk can miss mutations that help cause the disease, according to a new study, a finding that is likely to increase the pressure to develop more thorough testing methods.

...

The company, based in Salt Lake City, has long been the focus of controversy because its patents give it a monopoly on the test, for which it charges as much as $3,000. Some geneticists say the monopoly has slowed development of better testing.

NY4EVER: Does this change your thoughts on target ?

Cordially,
Geri

[Jim Smith]

MYGN is a perfect example of why I don't hold stocks going into year over year negative seasonality....

[DSteckler]

That's gotta hurt.

The fact that it held its 50DMA is a bright spot. If that lets go there's support just above 22.

[NY4Ever]

NY4EVER: Does this change your thoughts on target ? >>

Had to go out of town on personal business and just got back. Missed all the excitement. Stock is a strong buy but this was a setback we didn't need.
I see that JMP, Piper and UBS all came out defending their buys on the stock.
I see today's action as an opportunity for the shorts to cover. Not sure if we will see 29 - 30 by the end of this month, but a move back to 28 is very possible. Only the amateurs sold today. Nothing has changed. Just a better buying opportunity. Stock should easily reach 40 by the end of June.

[New-born baby]

I agree

NY4EVER: Does this change your thoughts on target ? >>

Had to go out of town on personal business and just got back. Missed all the excitement. Stock is a strong buy but this was a setback we didn't need.
I see that JMP, Piper and UBS all came out defending their buys on the stock.
I see today's action as an opportunity for the shorts to cover. Not sure if we will see 29 - 30 by the end of this month, but a move back to 28 is very possible. Only the amateurs sold today. Nothing has changed. Just a better buying opportunity. Stock should easily reach 40 by the end of June.

I agree. Today the rule was applied to MYGN: gaps like to be filled. Those power gaps up the last couple of months all got filled today. That bullish hammer candle today just screams to me that MYGN moves up tomorrow. Not afraid of its action today; just glad I didn't have to watch it In any case, touching the 50 day has been quite healthy in the past; I suspect it will be so again. I think this thing is a buy, but my target is lower than $40. I think $36. Here's the daily: the weekly is even prettier.


WEEKLY:

[b_cadvantag]

That's gotta hurt.

The fact that it held its 50DMA is a bright spot. If that lets go there's support just above 22.

WOW


Taking pot shots.....that speaks volumes

[DSteckler]

What pot shots? I was referring to the gap open lower - that's gotta hurt the longs. Now, care to add anything substantial to the discussion?

[skiracer]

Those gaps down to $21/22 range haven't been anywhere near filled. Average daily volume is 360200. Todays volume of 2,812,874 wasn't exactly amateurs bailing out. It might recoup or it might just fill those gaps down to $21. That was a very damaging article today in the Journal of American Medical Association. If it is a buying opportunity would you buy it here or wait to see if it goes lower. I'm betting there's going to be selling into any strength shown over the short term. Being real and being patient an not speculating on what you think it will do is going to be the key but you cannot discount what that article stated and what those 2800000 shares today stated.

[Lyehopper]

Those gaps down to $21/22 range haven't been anywhere near filled. Average daily volume is 360200. Todays volume of 2,812,874 wasn't exactly amateurs bailing out. It might recoup or it might just fill those gaps down to $21. That was a very damaging article today in the Journal of American Medical Association. If it is a buying opportunity would you buy it here or wait to see if it goes lower. I'm betting there's going to be selling into any strength shown over the short term. Being real and being patient an not speculating on what you think it will do is going to be the key but you cannot discount what that article stated and what those 2800000 shares today stated.

SKIRACER!!!!

Now where in the HELL have you been?!!!!

[skiracer]

SKIRACER!!!!

Now where in the HELL have you been?!!!!

Just lurking Lye. BTW I thought that was a tremendous buying opportunity on BBD yesterday. I bought 1000 shares at $38.52. Anytime you can get into a MM pick at 2 points lower than the hugh one's own entry has to be taken as an opportunity. If it just gets back to where he bought it at $40.65 range I'll be quite happy.

[Lyehopper]

Just lurking Lye.

Great to see you posting again.... Been missing your great wisdom dude!

BTW....How's that condo project going? Setting those piles yet?

[skiracer]

Great to see you posting again.... Been missing your great wisdom dude!

BTW....How's that condo project going? Setting those piles yet?

Everything going great and moving ahead Lye.