Myriad Genetics, Inc.’s ( MYGN Quick Quote MYGN - Free Report) GeneSight pharmacogenomics test was recently rolled out with Integrated Prescription Management (IPM), a pharmacy benefits management (PBM) company. Notably, the IPM will now provide pharmacogenomics testing for people suffering from depression or anxiety.
For investors’ note, IPM was founded in 2009 and offers high-touch service, insightful analytics, and strategic cost-management solutions.
The recent development is expected to help Myriad Genetics expand its customer base, thereby boosting its Molecular Diagnostic testing business.
GeneSight Test at a Glance
The GeneSight test from Myriad Genetics enables clinicians and patients to better understand a particular individual’s response to certain medications.
Notably, GeneSight is a psychotropic test that evaluates how a patient’s genes impact, how they may break down or respond to certain medications that are usually prescribed to treat depression, anxiety, and other psychiatric conditions.
With a simple cheek swab, clinicians will now understand which medications may require dose adjustments, might be less likely to work or have a high risk of side effects based on a person's genetic composition.
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It is noteworthy to mention that in the United States, anxiety and depression are the most common mental health disorders with above 18% of adults suffering from anxiety and around 8% having experienced a depressive episode.
Considering the facts, GeneSight pharmacogenomics will become a game-changing employee benefit. The innovative technology might do away with weeks of taking a prescription that doesn't work. This will save people’s time and improve productivity.
Progress in GeneSight Test
In the first quarter of 2021, Myriad Genetics’ GeneSight test volume rose 17% sequentially. Further, GeneSight test saw a strong increase in new ordering providers, with more than 2,600 physicians ordering GeneSight for the first time in the quarter. Overall, the number of ordering physicians increased 10% sequentially and test utilization per provider rose 4% sequentially.
In February 2021, Myriad Genetics announced the publication of a new analysis regarding its GeneSight psychotropic test in the peer-reviewed journal Psychiatry Research. The analysis demonstrates that the combinatorial approach available in the GeneSight test is better than single-gene testing for predicting patient outcomes and medication blood levels.
Industry Prospects Per a report by EMERGEN RESEARCH, the global pharmacogenomics market size was valued at $6.16 billion in 2019 and is expected to reach $11.97 billion by 2027, at a CAGR of 8.7%. Rising prevalence of chronic ailments and demand for personalized therapy are factors driving the market. Price Performance
Shares of the company have gained 88.6% in a year’s time against the
industry’s fall of 7.9%. Zacks Rank and Key Picks
Currently, the company carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the broader medical space are
National Vision Holdings, Inc. ( EYE Quick Quote EYE - Free Report) , The Cooper Companies, Inc. ( COO Quick Quote COO - Free Report) and Envista Holdings Corporation ( NVST Quick Quote NVST - Free Report) . While National Vision sports a Zacks Rank #1 (Strong Buy), both The Cooper Companies and Envista Holdings carry a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank stocks here.
National Vision has a projected long-term earnings growth rate of 23%.
The Cooper Companies has a projected long-term earnings growth rate of 11%.
Envista Holdings has an estimated long-term earnings growth rate of 26%.
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