Myriad Genetics, Inc. (MYGN – Free Report) recently announced a collaboration with GSK plc (GSK – Free Report) to advance the field of genetic testing. The latest development aims to improve access to homologous recombination deficiency (HRD) diagnostic testing for patients with high-grade ovarian cancer (HGSOC).
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.
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According to a report by the American Cancer Society, ovarian cancer is one of the leading causes of cancer deaths in women. Approximately 1 in 87 women may develop ovarian cancer in their lifetime. About 1 in 130 people may die from ovarian cancer during her lifetime. Most women with ovarian cancer are diagnosed at age 63 or older.
For ovarian cancer patients, 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 meets a shared need for patients who may not otherwise have access to testing and fulfills both companies’ commitments 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 screen for genomic changes in genes such as BRCA1 and BRCA2, as well as the status of the genomic instability score. It makes it possible for doctors to determine which patients have advanced ovarian cancer and who will benefit most from focused therapy.
Industry Perspectives
According to a report by Grand View Research, the global ovarian cancer diagnostics market was valued at USD 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 revenue.
Visible 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 for up to 272 genes associated with severe inherited conditions.
In May, MYGN and QIAGEN announced their collaboration to develop a globally distributed kit-based test for analyzing HRD status. The next-generation sequencing test aims to support research in personalized medicine in multiple types of solid tumors, including ovarian cancer. It is expected to increase decentralized testing capacity once a regulated product is developed with pharmaceutical partners.
Price Performance
Over the past six months, MYGN shares have gained 18% compared to the industry’s 0.6% gain. The S&P 500 rose 10% in the same time frame.
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Zacks Rank & Stocks to Consider
MYGN carries a Zacks Rank #3 (Hold) currently.
There are several top-ranked stocks in the broader medical space that have announced quarterly results DaVita (DVA – Free Report) and Boston Scientific Corporation (BSX – Free report).
DaVita, currently holding a Zacks Rank #2 (Buy), has an estimated long-term growth rate of 13.6%. DVA’s earnings beat estimates in each of the trailing four quarters, with the average surprise 29.4%. You can be seen Complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DaVita shares have gained 44% compared to the industry’s 20.4% gain in the past year.
Boston Scientific reported first-quarter 2024 adjusted earnings per share of 56 cents, beating the Zacks Consensus Estimate by 9.8%. Revenue of $3.86 billion beat the Zacks Consensus Estimate by 4.9%. It currently holds a Zacks Rank #2.
Boston Scientific has an estimated long-term growth rate of 12.5%. BSX earnings beat estimates in the trailing four quarters, the average surprise being 7.5%.
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