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Myriad Genetics (MYGN) Announces Favorable Research Results

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Myriad Genetics, Inc. (MYGN - Free Report) recently announced results from a multi-year, real-world study that indicated those with major depressive disorder had reduced healthcare utilization after taking the GeneSight Psychotropic test. The study consisted of nearly 21,000 patients.

Management expects to share additional study results later in 2024.

The study’s latest positive initial outcome is a significant stepping stone for Myriad Genetics and is likely to boost the usage of its GeneSight Psychotropic test, part of its Pharmacogenomics space.

Significance of the Study

The study demonstrated that the percentage of patients with hospitalizations was significantly reduced 180 days after GeneSight testing. Also, the study found that, among patients who took the GeneSight test, there was a decrease in the proportion of patients who were prescribed medications with significant gene-drug interactions after taking the test.

Per management, the encouraging initial results of the study showed a significant reduction in the proportion of patients with hospitalizations after GeneSight testing. Management feels that the favorable initial outcome of the multi-phase analysis of real-world data will likely further demonstrate how the GeneSight test may improve clinical outcomes and reduce overall healthcare costs.

Industry Prospects

Per a report by MarketsandMarkets, the global pharmacogenomics market was estimated to be worth $3.5 billion in 2023 and is anticipated to reach $5.8 billion by 2028 at a CAGR of 10.6%. Factors like the rising popularity of precision medicine and the growing prevalence of chronic diseases are likely to drive the market.

Given the market potential, the latest positive initial study outcome is expected to significantly strengthen Myriad Genetics’ position in the niche space.

Notable Developments

Last month, Myriad Genetics announced that the U.S. Patent and Trademark Office has granted a patent that covers the use of push-button blood collection devices for polymerase chain reaction (PCR)-based fetal sex determination. The patent further covers technology for improving the accuracy of a fetal sex test by reducing contaminating DNA in maternal blood samples. SneakPeek’s blood collection innovation makes obtaining a blood sample at home quick and easy.

In February, Myriad Genetics reported its fourth-quarter 2023 results, wherein it witnessed a strong testing volume improvement across all its businesses, with the prenatal testing franchise registering a solid year-over-year increase. In the quarter, the company added approximately 4,000 clinicians who ordered GeneSight for the first time.

The same month, Myriad Genetics announced a research collaboration with the National Cancer Center Hospital East in Japan to study the prognostic and predictive value of molecular residual disease (MRD) testing.

Comparison With Peers

A notable name in the oncology space and Myriad Genetics’ peer is Laboratory Corporation of America Holdings (LH - Free Report) or Labcorp. This month, Labcorp announced the receipt of the FDA’s Emergency Use Authorization for its Mpox PCR Test Home Collection Kit to aid in the diagnosis of infection with non-variola Orthopoxvirus, including the monkeypox virus that causes monkeypox, also known as mpox.

The same month, LH announced the launch of Labcorp Plasma Detect, the first clinically validated, tumor-informed, whole-genome sequencing circulating tumor DNA MRD solution in early-stage colon cancer to identify patients at increased risk of recurrence after surgery or adjuvant chemotherapy.

Another key player in the oncology space is Exact Sciences Corporation (EXAS - Free Report) . This month, EXAS will be presenting late-breaking data from the first analysis of the ASCEND-2 study demonstrating the compelling performance of its investigational multi-biomarker class, multi-cancer early detection blood test.

Last month, Exact Sciences, in collaboration with Mayo Clinic Comprehensive Cancer Center, reported data showing high sensitivity and specificity for the non-endoscopic Oncoguard Esophagus test that is currently in development for the detection of esophageal adenocarcinoma and its precursors, including Barrett’s esophagus.

Quest Diagnostics Incorporated (DGX - Free Report) is another renowned peer of Myriad Genetics. In February, DGX announced the launch of MelaNodal Predict, a highly advanced predictive gene expression test to help personalize treatment decisions for patients with melanoma, the deadliest form of skin cancer and one of the most common cancers in the United States.

The same month, Quest Diagnostics reported its fourth-quarter 2023 results, wherein it advanced its growth strategy with innovative testing solutions, new and expanded relationships with health systems and a robust pipeline of M&A and professional lab services opportunities. During the quarter, Quest Diagnostics strengthened its oncology offering with a strategic investment in higher growth minimal residual disease testing.

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