The Supreme Court has made a decision in Association for Molecular Pathology v. Myriad Genetics, Inc. today ruling that isolated BRCA1/2 DNA molecules for diagnosing breast and ovarian cancer risk are not eligible for patent protection.
The announcement was made at 10:23 am, at which point you see the sharp spike, which continued to grow for about half an hour to +11% (my assumption is that when the tech-savvy entities started making investment decisions). Now the stock is dropping like a rock to over -10% (probably as the headlines of naturally-occurring human genes not being patentable disseminate to wider investor audiences, making many people extremely nervous). This is a 21% price change in mere hours! This is a testament to criticality of an extremely efficient and timely legal analysis, and a vivid illustration of how an accurate legal analysis of an important change coupled with understanding of general investment patterns may be used to generate quick profits.