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Myriad's (MYGN) New Acquisition to Boost Precision Oncology Arm
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Myriad Genetics (MYGN - Free Report) , a front-runner in genetic testing and precision medicine, recently announced its plans to acquire select assets from Intermountain Precision Genomics (IPG). This acquisition, including the Precise Tumor Test, the Precise Liquid Test and the Clinical Laboratory Improvement Amendments (CLIA)-certified laboratory in St. George, UT, is set to close on Feb 1, 2024.
The financial terms of the deal were not disclosed.
The Deal and its Benefits
By bringing the Precise Tumor and Precise Liquid tests in-house, Myriad is poised to unlock new avenues for innovation, growth and development of its oncology portfolio.
The acquisition is anticipated to yield operational efficiencies and reimbursement benefits, positioning Myriad at the forefront of tumor profiling and liquid biopsy tests.
Strengthening Precision Oncology Presence
Myriad's Precise Tumor Test is also offered by IPG as TheraMap: Solid Tumor. The 500+ gene panel considers both DNA and RNA, aligning advanced solid tumor patients with appropriate therapies and identifying eligibility for clinical trials. Post-acquisition, Myriad expects to operate TheraMap: Solid Tumor solely as Precise Tumor.
The acquisition also includes Precise Liquid, which is expected to be launched later this year. This innovative test promises convenient genomic profiling results from a simple blood draw, offering a breakthrough in comprehensive patient care.
Image Source: Zacks Investment Research
Market Prospects
According to a Precedence research report, the global precision medicine market was valued at $73.49 billion in 2022 and is projected to reach $175.64 billion by 2030, at a CAGR of 11.5%. Precision medicine, which entails tailoring treatments based on genetic and protein analysis, holds immense potential. Key discoveries like single nucleotide polymorphism and biochips are driving innovation, while research on the human genome is revolutionizing individualized patient care. Despite challenges like high costs and reimbursement issues, precision medicine, especially in cancer treatment, is poised for exponential growth, supported by ongoing advancements in genetic technology.
Share Price Performance
Over the past year, shares of MYGN have declined 5.1% compared with the industry’s 15.2% plunge.
Zacks Rank and Key Picks
Myriad Genetics currently carries a Zacks Rank #4 (Sell).
Estimates for DaVita’s 2023 earnings per share have remained constant at $8.07 in the past 30 days.
DVA’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 36.6%. In the last reported quarter, it delivered an average earnings surprise of 48.4%.
Estimates for Haemonetics’ earnings have remained constant at $3.89 for 2023 and at $4.15 for 2024 in the past 30 days.
HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 16.1%. In the last reported quarter, it posted an earnings surprise of 5.3%.
Estimates for HealthEquity’s 2023 earnings per share have increased from $2.03 to $2.15 in the past 30 days.
HQY’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 16.5%. In the last reported quarter, it delivered an average earnings surprise of 22.5%.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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Myriad's (MYGN) New Acquisition to Boost Precision Oncology Arm
Myriad Genetics (MYGN - Free Report) , a front-runner in genetic testing and precision medicine, recently announced its plans to acquire select assets from Intermountain Precision Genomics (IPG). This acquisition, including the Precise Tumor Test, the Precise Liquid Test and the Clinical Laboratory Improvement Amendments (CLIA)-certified laboratory in St. George, UT, is set to close on Feb 1, 2024.
The financial terms of the deal were not disclosed.
The Deal and its Benefits
By bringing the Precise Tumor and Precise Liquid tests in-house, Myriad is poised to unlock new avenues for innovation, growth and development of its oncology portfolio.
The acquisition is anticipated to yield operational efficiencies and reimbursement benefits, positioning Myriad at the forefront of tumor profiling and liquid biopsy tests.
Strengthening Precision Oncology Presence
Myriad's Precise Tumor Test is also offered by IPG as TheraMap: Solid Tumor. The 500+ gene panel considers both DNA and RNA, aligning advanced solid tumor patients with appropriate therapies and identifying eligibility for clinical trials. Post-acquisition, Myriad expects to operate TheraMap: Solid Tumor solely as Precise Tumor.
The acquisition also includes Precise Liquid, which is expected to be launched later this year. This innovative test promises convenient genomic profiling results from a simple blood draw, offering a breakthrough in comprehensive patient care.
Image Source: Zacks Investment Research
Market Prospects
According to a Precedence research report, the global precision medicine market was valued at $73.49 billion in 2022 and is projected to reach $175.64 billion by 2030, at a CAGR of 11.5%. Precision medicine, which entails tailoring treatments based on genetic and protein analysis, holds immense potential. Key discoveries like single nucleotide polymorphism and biochips are driving innovation, while research on the human genome is revolutionizing individualized patient care. Despite challenges like high costs and reimbursement issues, precision medicine, especially in cancer treatment, is poised for exponential growth, supported by ongoing advancements in genetic technology.
Share Price Performance
Over the past year, shares of MYGN have declined 5.1% compared with the industry’s 15.2% plunge.
Zacks Rank and Key Picks
Myriad Genetics currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space are DaVita (DVA - Free Report) , Haemonetics (HAE - Free Report) and HealthEquity (HQY - Free Report) .
DaVita sports a Zacks Rank #1 (Strong Buy), while Haemonetics and HealthEquity carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Estimates for DaVita’s 2023 earnings per share have remained constant at $8.07 in the past 30 days.
DVA’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 36.6%. In the last reported quarter, it delivered an average earnings surprise of 48.4%.
Estimates for Haemonetics’ earnings have remained constant at $3.89 for 2023 and at $4.15 for 2024 in the past 30 days.
HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 16.1%. In the last reported quarter, it posted an earnings surprise of 5.3%.
Estimates for HealthEquity’s 2023 earnings per share have increased from $2.03 to $2.15 in the past 30 days.
HQY’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 16.5%. In the last reported quarter, it delivered an average earnings surprise of 22.5%.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.