Yahoo Finance Myriad Genetics (MYGN) and GSK Unite to Boost HRD Testing
Myriad Genetics, Inc. MYGN recently announced a collaboration with GSK plc GSK to advance in the field of genetic testing. The latest development is intended to improve access to homologous recombination deficiency (HRD) diagnostic testing for high-grade ovarian cancer (HGSOC) patients.
With this alliance, Myriad's MyChoice HRD Plus and MyChoice CDx Plus Tests, collectively known as Myriad's MyChoice Tests, are now part of a new sponsored testing program that is accessible in Argentina, Brazil, Chile, Colombia, Egypt, Netherlands, Saudi Arabia, Singapore, and the United Arab Emirates.
More on the News
Per a report by the American Cancer Society, ovarian cancer is one of the leading causes of cancer deaths among women. Approximately 1 in 87 women may develop ovarian cancer in their lifetime. About 1 in 130 people may die from ovarian cancer in her lifetime. Most women with ovarian cancer are diagnosed at 63 years or above.
For patients with ovarian cancer, HRD testing is a crucial prognostic and predictive biomarker. Myriad’s MyChoice Tests determine HRD status in women with ovarian cancer. Clinicians can order this test through their local pathology labs, and samples are sent to Myriad Genetics.
This partnership with GSK satisfies a common need for patients who might not otherwise have access to testing and fulfills the commitments of both companies to enhance care for patients with advanced ovarian cancer by providing access to genetic testing.
More on Myriad’s MyChoice Test
The most detailed tumor test for assessing HRD status is Myriad's MyChoice test, which uses its unique algorithm to examine genomic changes in genes like BRCA1 and BRCA2 as well as the status of the Genomic Instability Score. It makes it possible for medical practitioners to determine which patients have advanced ovarian cancer and who will benefit most from focused therapy.
Industry Prospects
Per a report by Grand View Research, the global ovarian cancer diagnostics market was estimated to be $1.2 billion in 2018 and is expected to witness a CAGR of 6.2% from 2019 to 2026.
Given the market potential, the collaboration between Myriad Genetics and GSK is likely to benefit both companies to generate additional revenues.
Notable Developments
In June, Myriad Genetics announced the addition of a new Universal Plus Panel to its Foresight Carrier Screen. The panel includes 39 conditions and screens up to 272 genes associated with severe inherited conditions.
In May, MYGN and QIAGEN announced their collaboration for developing a globally distributable kit-based test for analyzing HRD status. The next-generation sequencing test aims to support research into personalized medicine in multiple solid tumor types, including ovarian cancer. It is expected to enhance decentralized testing capacities once a regulated product is developed with pharmaceutical partners.
Price Performance
For the past six months, MYGN’s shares have gained 18% compared with the industry’s rise of 0.6%. The S&P 500 increased 10% in the same time frame.
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Zacks Rank & Stocks to Consider
MYGN carries a Zacks Rank #3 (Hold) at present.
A couple of better-ranked stocks in the broader medical space that have announced quarterly results are DaVita DVA and Boston Scientific Corporation BSX.
DaVita, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 13.6%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 29.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DaVita’s shares have gained 44% compared with the industry’s 20.4% rise in the past year.
Boston Scientific reported first-quarter 2024 adjusted earnings per share of 56 cents, which beat the Zacks Consensus Estimate by 9.8%. Revenues of $3.86 billion surpassed the Zacks Consensus Estimate by 4.9%. It currently carries a Zacks Rank #2.
Boston Scientific has a long-term estimated growth rate of 12.5%. BSX’s earnings surpassed estimates in the trailing four quarters, the average surprise being 7.5%.
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