Myriad Genetics Inc.'s stock price rebounded Tuesday, rising nearly 13 percent after losing more than 5 percent Monday when it announced it would discontinue development of an Alzheimer's disease drug.
Myriad stock closed at $51.39 on Tuesday, up $5.87. During the past year, the price has ranged from $34.35 to $59.18.
Salt Lake-based Myriad said Monday it would discontinue development of Flurizan after an 18-month clinical trial failed to achieve results of any "statistical significance" in the trial's patients.
Myriad spent about $60 million developing Flurizan during the fiscal year, and the company projected it would spend about $8 million over the next two quarters to wrap up the program.