Bookkeeping: Selling Half of Myriad Genetics (MYGN)

Myriad Genetics (MYGN) is flushing out a 10% move so I am going to cut half the position here - too early to tell but it is either forming a double top or about to begin a new leg up. If it gets north of $90 and holds I'll leg back in but for now I'm cutting 50% of the position in the $89.20s - apparently some news on breast cancer guidelines is the driver. You know people are desperate for ideas when something this ambivalent drives a stock up 10%.

• Myriad Genetics shares jumped 8% to $87.91 on Wednesday, following news that the American College of Obstetricians and Gynecologists is recommending doctors routinely evaluate whether a patient is at risk of carrying a genetic mutation of the BRCA1 or BRCA2 gene. As carriers of the mutation generally have a markedly higher risk of developing breast or ovarian cancer, doctors may choose to take preventative measures, such as removal of the ovaries and fallopian tubes. Myriad markets a genetic screening test for the BRCA1 and BRCA2 mutations called BRACAnalysis.

This is an incredibly expensive stock that has no quit in it. I will put a buy order in at around $84 for the shares I sold off if it does indeed pullback... otherwise as I said above, over $90 with a confirmation day it is holding that new level....

This is another name I have to work on getting a larger position size considering half the portfolio is sitting in cash. The % gains are excellent, but dollar gains are below where they should be. Not to mention I should of entered the stock about 20 points lower when first identified.

[Mar 2, 2009: Starter Stake in Myriad Genetics]
[Feb 3, 2009: Myriad Genetics - Monster Results]
[Jan 20, 2009: Myriad Genetics - Another Diagnostic Heavy Hitter]
[Aug 25, 2008: Sequenom Flying off a Positive Investor's Business Daily Mention]

Long Myriad Genetics in fund; no personal position