Myriad Genetics Falling In After Hours (MYGN, CEPH)

Shares of Myriad Genetics (NASDAQ: MYGN) have fallen 9.64% to $22.50 in the after hours trading session. The stock closed normal market hours down 0.92% at $24.90. The activity in the name appears to be as a result of an announcement that the company has lost a U.S. court ruling that challenged its patents on a method of detecting inherited breast cancer.

U.S. District Judge Robert Sweet in New York ruled the patents invalid today, saying they “are directed to a law of nature and were therefore improperly granted.” According to a Business Week article, "Patents aren’t allowed for rules of nature, natural phenomena or abstract ideas." Keep an eye on MYGN tomorrow morning, as the stock should trade a lot of volume and be volatile.

Another name that is falling in the after hours, is Cephalon (NASDAQ: CEPH). This stock has lost nearly 5% and is trading at $69.00. Cephalon, like Myriad Genetics, is a biopharmaceutical company.