Myriad

The firm reported total revenues of $215.4 million, up from $193.9 million in fiscal Q4 2018, but below the consensus Wall Street estimate of $221.0 million.

The test will be used to identify which metastatic, castration-resistant prostate cancer patients harbor germline BRCA mutations and will likely benefit from Lynparza.

The firm said that UHC will cover the test for patients with major depressive disorder or anxiety who have failed to respond to one or more treatments.

The company decided to settle the complaint in order to avoid "lengthy and distracting litigation," but denies any wrongdoing.

Five hundred pharmacies will provide information about pharmacogenetic testing to members who have failed one or more antidepressant treatments.

The investment firm also reduced its price target to $30 per share from $37 citing "lower overall conviction" that Myriad would meet its revenue projections.

The drug is for first-line maintenance therapy after BRCA-mutated advanced ovarian cancer patients respond to platinum chemo and the test will identify those with BRCA mutations.

The broader market drove down the stock prices of many diagnostics companies. Natera, Guardant Health, and CareDx paced the gainers.