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Put Spread on MYGN on 10/11/2013

Downward Channel on MYGNMyriad Genetics (MYGN) focuses on the development and marketing of predictive medicine, personalized medicine, and prognostic medicine tests primarily in the United States.

The company’s molecular diagnostic tests are designed to analyze genes, their mutations, expression levels, and proteins to assess an individual’s risk for developing disease later in life; determine a patient’s likelihood of responding to a particular drug; and assess a patient’s risk of disease progression and disease recurrence. It offers various molecular diagnostic tests that include BRACAnalysis and BART, which are predictive medicine tests for hereditary breast and ovarian cancer; COLARIS predictive medicine test for hereditary colorectal and uterine cancer; COLARIS AP predictive medicine test for hereditary colorectal cancer; MELARIS predictive medicine test for hereditary melanoma; PANEXIA, a predictive medicine test for pancreatic cancer; PREZEON, a personalized and prognostic medicine test for cancer; Prolaris, a prognostic medicine test for prostate cancer; and TheraGuide 5-FU, a personalized medicine test for drug toxicity. 

Shares are heading lower in a downward trading channel. This morning, SunTrust initiated the stock with a "reduce" rating and target price of $17.

 

52-Week Trading Range: $22.56 to $38.27

Last Trade: $22.90

Trade

  • Buy 1 November $23.00 Put at $2.00
  • Sell 1 November $19.00 Put at $0.55
  • For a net debit of $1.45

Profit/Loss Analysis

  • Breakeven at $21.55
  • Maximum profit is $255.00 at strike of $19.00
  • Maximum loss is ($145.00) at strike of $23.00

Closing Summary

  • Sold 1 November $23.00 Put at $0.00
  • Bought 1 November $19.00 Put at $0.00

Position closed on 11/15/2013 at price of $0.00 with a -100.00% loss in 35 days.

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