Myriad Genetics Stock Drops 6% Following FDA Approval of Competing Prostate Cancer Test

Myriad Genetics stock fell 6% after the FDA approved a competing blood-based test for prostate cancer from Cleveland Diagnostics. The introduction of IsoPSA, a diagnostic kit designed to help doctors decide whether a prostate biopsy is necessary, signals increased competition for Myriad Genetics. Investors reacted with concern that the new product could challenge Myriad's position and capture a portion of the market for cancer diagnostics.