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Myriad Genetics (MYGN) Collaborates to Advance Oncology Care

Zacks Equity Research
·4-min read

Myriad Genetics, Inc. MYGN recently announced its entry into a new strategic collaboration in the precision oncology space with Intermountain Precision Genomics, a service of Intermountain Healthcare. This partnership will bring together Myriad Genetics’ hereditary cancer and companion diagnostic tests with Intermountain Precision Genomics’ laboratory services, utilizing the TheraMap test.

Notably, the TheraMap test is powered by Illumina, Inc.’s ILMN next-generation sequencing test, TruSight Oncology 500 (TSO 500).

For investors’ note, the new comprehensive offering will utilize germline genetic testing with Myriad Genetics’ myRisk Hereditary Cancer test and somatic tumor profiling with its myChoice CDx. Further, this offering is expected to be available in the second half of 2021.

With the latest collaboration, Myriad Genetics is expected to strengthen its foothold in the global Molecular Diagnostic testing business.

Rationale Behind the Deal

Per management, most oncologists prefer both germline and somatic tumor testing results for making better treatment decisions with the continued evolution of cancer treatment. Further, management believes that this latest collaboration will aid in advancing precision oncology by improving health outcomes for cancer patients, and also expand innovative treatment options for the healthcare providers.

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Myriad Genetics also expects to raise the global standard of care in precision oncology by combining companion diagnostics, next-generation tumor sequencing and testing services.

Industry Prospects

Per a report by Reports And Data, the global precision oncology market is expected to reach $99.72 billion in 2027 from $49.98 billion in 2019 at a CAGR of 9.9%. Factors like rising cancer incidences and growing awareness pertaining to molecular-level diagnosis and treatment are likely to drive the market for the same.

Given the market potential, this well-timed collaboration is expected to significantly boost Myriad Genetics’ business on a global scale.

Recent Developments in Molecular Diagnostics

Of late, Myriad Genetics has been witnessing a slew of developments.

The company’s myChoice CDx testing revenues registered a solid year-over-year growth during the fiscal 2021 second quarter.,

In February, Myriad Genetics announced additional data which further validates the prognostic power of its Prolaris test and its ability to help accurately predict which patients with more aggressive prostate cancer will benefit from intensification of therapy and who may safely avoid such treatments.

Again in February, the company came out with a favorable outcome regarding its GeneSight Psychotropic test, demonstrating that the combinatorial approach available in the test is better than single-gene testing for predicting patient outcomes and medication blood levels.

The same month, Myriad Genetics launched the new Vectra Cardiovascular Risk assessment that can predict the risk for cardiovascular events in patients with rheumatoid arthritis.

The company, in January this year, announced that it will receive reimbursement for its BRACAnalysis Diagnostic System in Japan. Notably, BRACAnalysis was approved by Japan’s Ministry of Health, Labour and Welfare in October 2020 as a companion diagnostic, and the reimbursement decision is now in effect.

Price Performance

Shares of the company have gained 73.7% in the past year compared with the industry’s 1.7% growth and the S&P 500’s 29.3% rise.

Zacks Rank & Key Picks

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

Some better-ranked stocks from the broader medical space are Hologic, Inc. HOLX and IDEXX Laboratories, Inc. IDXX.

Hologic’s long-term earnings growth rate is estimated at 15.4%. The company presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

IDEXX’s long-term earnings growth rate is estimated at 15.8%. It currently carries a Zacks Rank #2.

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

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