One Guy's Investments

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Sunday, January 29, 2006 -- Subscribe free

Annual Checkup -- MYGN

Myriad Genetics (MYGN -- click to register for free RT streaming quote) has been a solid performer for me this year but not a spectacular one. This is a speculative investment on MYGN's long term potential to develop a strong portfolio of drugs. There has been no recent news that compels much interest in MYGN among the investing pundits, so the stock has been relatively quiet this year, especially for a biotech company in the year of biotech enthusiasm. I haven't written about MYGN much recently, I posted my reasons for buying them when I added to the position back in September and when I first bought into MYGN on a newsletter recommendation back in July. Those two purchases give me an average cost of about $19.30 a share, so I'm sitting on a small gain that I have no intention of realizing anytime soon. MYGN's recent news has all been about Flurizan, their somewhat uninspiring Alzheimer's drug that's just now enrolling for a phase 3 study -- fortunately for MYGN, the market's expectations for Flurizan are quite low and, Alzheimer's being as difficult to treat as it is, the hurdles are quite low for approval. Flurizan has shown some potential to help patients with early stage Alzheimer's, and that might be enough to get approved and reach a respectable level of sales -- but any profit from this drug is gravy. What I'm interested in are the incredibly strong growth of their genetic tests, especially for hereditary cancers, and in their research programs to develop drugs for some of those same cancers -- they have several cancer drugs in phase 1 and 2 and any success there is many years off, but could be dramatic. Considering the portion of my portfolio that's already committed to MYGN, I am not inclined to add more -- I think it's fairly priced here, and at the moment I'm content to wait for results. Any selloff on bad Flurizan news could change my mind and give me a buying opportunity, but I don't expect that to happen.


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