UK markets closed
  • FTSE 100

    +5.29 (+0.07%)
  • FTSE 250

    -31.71 (-0.17%)
  • AIM

    +0.52 (+0.07%)

    -0.0035 (-0.30%)

    -0.0054 (-0.44%)
  • Bitcoin GBP

    +23.52 (+0.11%)
  • CMC Crypto 200

    -2.18 (-0.38%)
  • S&P 500

    -9.94 (-0.23%)
  • DOW

    -106.58 (-0.31%)

    +0.70 (+0.78%)

    +5.30 (+0.27%)
  • NIKKEI 225

    -168.62 (-0.52%)

    +402.04 (+2.28%)
  • DAX

    -14.57 (-0.09%)
  • CAC 40

    -29.08 (-0.40%)

Myriad Genetics (MYGN) Gets Permit to Expand Tumor Testing

Myriad Genetics, Inc. MYGN and Intermountain Precision Genomics, a service of Intermountain Health, recently secured the New York State Clinical Laboratory Permit to offer solid tumor testing to patients across all 50 U.S. states. This achievement follows a recent site inspection as part of the New York State Department of Health Clinical Laboratory Evaluation Program.

The NYS certification bolsters Myriad Genetics’ efforts toward the advancement of precision medicine by increasing access to genetic testing. This is likely to help cancer patients and  patient providers determine more targeted treatment decisions.

Significance of the News

Myriad Genetics and Intermountain Health started collaborating in 2021 on a comprehensive offering of tests, leading to the launch of Precise Oncology Solutions. The suite provides oncologists with a complete genetic analysis that combines germline testing, somatic tumor profiling and tissue analysis in one report. This facilitates individualized treatment options for each patient.

Zacks Investment Research
Zacks Investment Research

Image Source: Zacks Investment Research

As part of Precise Oncology Solutions, Myriad’s Precise Tumor test is also offered by Intermountain Precision Genomics as TheraMap: Solid Tumor. The test analyzes a patient’s tumor DNA to discover the changes or gene mutations causing cancer. Specialists apply test results to recommend a targeted treatment plan for the patient’s unique tumor profile.

Myriad Genetics’ MyRisk Hereditary Cancer test and somatic tumor profiling MyChoice CDx test were previously certified by the New York State Department of Health. TheraMap is the first test in Intermountain Precision Genomics history to obtain this certification. With the latest development, the company is able to extend the complete Precise Oncology Solutions suite across the United States.

Industry Prospects

Per a report by Precedence Research, the global precision medicine market size was valued at $73.49 billion in 2022 and is expected to witness a CAGR of 11.5% up to 2030.

Recent Developments

Earlier this month, Myriad Genetics launched a new hereditary cancer assessment program that combines diagnostic imaging, genetic risk assessment utilizing MyRisk with RiskScore and patient education. The program, which leverages a custom-built Myriad tool developed in collaboration with SimonMed, will increase access to affordable genetic testing while helping identify and elevate high-risk patient care.

In March 2023, MYGN expanded its strategic partnership with Illumina to broaden the access to and availability of oncology homologous recombination deficiency testing in the United States. The expanded partnership establishes a unique companion diagnostic alliance for the pharmaceutical industry, which will enable more clinical research for gene-based, targeted therapies.

Price Performance

In the past six months, Myriad Genetics’ shares have increased 15.4% compared with the industry’s rise of 6.6%.

Zacks Rank and Key Picks

Myriad Genetics currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the overall healthcare sector are Lantheus LNTH, Avanos Medical AVNS and Insulet PODD. Lantheus sports a Zacks Rank #1 (Strong Buy), while Avanos Medical and Insulet each carry a Zack Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Lantheus’ stock has risen 42.4% in the past year. Earnings estimates for Lantheus have remained constant at $4.79 per share for 2023, while estimates for 2024 have decreased from $5.32 to $5.31 in the past 30 days.

LNTH’s earnings beat estimates in all the last four quarters, delivering an average surprise of 50%. In the last reported quarter, the company posted an earnings surprise of 42.71%.

Estimates for Avanos Medical’s 2023 earnings have remained constant at $1.68 per share in the past 30 days. Shares of the company have declined 8.5% in the past year compared with the industry’s fall of 15%.

Avanos Medical’s earnings beat estimates in all the trailing four quarters, the average surprise being 11.01%. In the last reported quarter, AVNS delivered an earnings surprise of 25%.

Insulet’s stock has increased 17.6% in the past year. Estimates for Insulet’s 2023 earnings have remained constant at $1.29 per share in the past 30 days.

Insulet’s earnings beat estimates in three of the trailing four quarters and missed the same in one, the average surprise being 59.81%. In the last reported quarter, PODD delivered an earnings surprise of 129.17%.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Myriad Genetics, Inc. (MYGN) : Free Stock Analysis Report

Insulet Corporation (PODD) : Free Stock Analysis Report

Lantheus Holdings, Inc. (LNTH) : Free Stock Analysis Report

AVANOS MEDICAL, INC. (AVNS) : Free Stock Analysis Report

To read this article on click here.

Zacks Investment Research