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Myriad Genetics (MYGN) Teams Up to Assess Breast Cancer Risk

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Myriad Genetics, Inc. (MYGN - Free Report) recently announced the launch of a new breast cancer risk assessment program to help women assess their breast cancer risk. The program is developed in partnership with Onsite Women’s Health — a provider of comprehensive mammography services with clinical expertise, innovative technology and proprietary protocols that deliver personalized, convenient breast care for the patient.

Patients who are at high risk will be identified via this program, along with individual medical management plans for breast cancer risk reduction and early detection strategies. Onsite presently serves more than 400,000 patients nationwide.

Significance of the News

The American College of Radiology and the Society of Breast Imaging recommend all women to be evaluated for breast cancer risk by the age of 30 to help identify those at higher risk, who would benefit from early screening. The existing guidelines also state that women at high risk of breast cancer or genetically based increased risk should begin annual screening breast MRI between the age of 25 and 30 and annual screening mammography at the age of 30. Per MYGN, nearly one in four unaffected women meets the hereditary cancer testing criteria.

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In light of this, the company’s collaboration with Onsite simplifies the access to genetic testing and breast cancer risk assessment at the point of care for nearly 25% of women who are eligible for testing. The program will help identify and screen younger patients who are at an increased risk for breast cancer.

Myriad’s hereditary breast cancer/risk assessment resources, MyRisk with RiskScore and Onsite’s deep expertise in breast health services, including mammography and breast ultrasound, are likely to strengthen the joint efforts.

Industry Prospects

Per a research report, the global breast cancer therapeutics market was valued at $25.5 billion in 2021 and is expected to witness a CAGR of 8% up to 2028.

Recent Developments

Last week, Myriad Genetics announced the integration of Absolute Risk Reduction into the Prolaris Prostate Cancer Prognostic Test to help patients and providers make personalized treatment decisions regarding hormone therapy. Prolaris is the only biomarker test to quantify the benefits of adding androgen deprivation therapy to radiation therapy.

In addition, Myriad Genetics and Intermountain Precision Genomics announced participation in the ComboMATCH clinical trials. Led by the NCI and the ECOG-ACRIN Cancer Research Group (ECOG-ACRIN), ComboMATCH aims to help identify and show the efficacy of new anti-cancer drug combinations for patients with locally advanced or metastatic solid tumor cancers.

Price Performance

In the past six months, Myriad Genetics’ shares have decreased 6.3% compared with the industry’s decline of 7%.

Zacks Rank and Key Picks

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

Some better-ranked stocks in the broader medical space are Haemonetics (HAE - Free Report) , Quanterix (QTRX - Free Report) and SiBone (SIBN - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Haemonetics’ stock has risen 11.2% in the past year. Earnings estimates for Haemonetics have increased from $3.56 to $3.74 in 2023 and $3.96 to $4.07 in 2024 in the past 30 days.

HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 19.39%. In the last reported quarter, it posted an earnings surprise of 38.16%.

Estimates for Quanterix’s 2023 loss per share have narrowed from $1.19 to 97 cents in the past 30 days. Shares of the company have increased 174.2% in the past year against the industry’s decline of 5.3%.

QTRX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 30.39%. In the last reported quarter, it posted an earnings surprise of 55.56%.

Estimates for SiBone’s2023 loss have narrowed from $1.42 to $1.27 per share in the past 30 days. Shares of the company have increased 23.7% in the past year against the industry’s fall of 5.1%.

SIBN’s earnings beat estimates in all the trailing four quarters, the average surprise being 20.37%. In the last reported quarter, SiBone delivered an earnings surprise of 26.83%.

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