Molecular diagnostics and personalized medicine major, Myriad Genetics, Inc. (MYGN - Free Report) is gearing up to present three new myRisk Hereditary Cancer studies with favorable data at the National Society of Genetic Counselors Annual Education Conference, beginning today through Oct 1, 2016, at Seattle, WA.
All three studies, namely Average Age of Diagnosis of Ovarian Cancer for Women with Pathogenic Variants in BRIP1, RAD51C and RAD51D; Ancestry-Based Cancer Risks Associated with APC I1307K and Psychosocial Outcomes of Identifying High or Moderate Risk Mutation Carriers by Hereditary Cancer Panel Testing will demonstrate the benefits of gene panel testing, which will thereby improve the practice of genetic counseling.
Development with myRisk So Far
Myriad’s major product, myRisk Hereditary Cancer test that was launched in 2013, has a market opportunity of more than $5 billion. In 2014, Myriad initiated the domestic launch of this test, with an aim to transform the entire hereditary cancer market toward myRisk by discontinuing its legacy flagship product – the BRACAnalysis test. During fourth-quarter fiscal 2016, Myriad successfully completed the conversion to myRisk among its targeted physicians and made gene panel the standard of care within the marketplace.
Following this transition, Myriad has more than doubled its Variant Classification database and introduced innovative new algorithmic methodologies for Variant Classification. This was meant to ensure that Myriad's tests remain the gold standard for accuracy for years to come.
In terms of reimbursement, Myriad signed a preferred provider agreement with BMI Healthcare in the U.S. and U.K. during the fourth quarter. This agreement will offer coverage to Myriad's complete testing portfolio including EndoPredict, Prolaris, tumor BRACAnalysis and hereditary cancer testing, with myRisk and all legacy tests.
Moreover, Myriad made significant progress on broadening the indications for hereditary cancer testing that are expected to double the size of the oncology market eventually. With regard to this, it recently submitted data to NCCN on expanding indications in breast cancer and pancreatic cancer.
At present, hit by a dismal fourth quarter, Myriad Genetics currently holds a Zacks Rank #5 (Strong Sell).
Stocks to Consider
Some better-ranked stocks in the medical sector are Heska Corp. (HSKA - Free Report) , VIVUS Inc. (VVUS - Free Report) and Anika Therapeutics Inc. (ANIK - Free Report) , each sporting a Zacks Rank #1 (Strong Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past two months, VIVUS has seen estimates move higher, compared to no downward movement for the current fiscal. The stock has recorded a gain of 17.7% year to date.
Heska Corporation has an impressive long-term earnings growth rate of 26.5%, ahead of the industry growth rate of 19%. Year to date, the stock has performed better than the S&P 500, with a gain of 40.3%.
Anika Therapeutics has gained 21.8% year to date, much better than the S&P 500’s 5.7% over the same period. Over the past two months, the company has seen estimates move higher by 9.3% to the current level of 47 cents per share for the ongoing quarter.
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