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MYGN Stock Up on Integration of HRD Platform Into Illumina's TSO 500 v2
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Myriad Genetics, Inc. (MYGN - Free Report) recently announced updates to its agreement with Illumina Inc. (ILMN - Free Report) . The company’s gold-standard Genomic Instability Score (“GIS”) to determine Homologous Recombination Deficiency (“HRD”) will be reported for all samples analyzed with Illumina’s updated research assay, TruSight Oncology 500 v2 (TSO 500 v2).
The latest development expands the worldwide access to Myriad Genetics’ GIS, previously available as a separate product, and better positions it as a potential companion diagnostic (CDx) across multiple tumor types.
MYGN Stock’s Likely Trend Following the News
Following the announcement on Nov. 20, MYGN shares rallied 3.2% last Friday, finishing at $15.49. The company is working to extend the reach of its diagnostic solutions, such as the MyChoice Tests, into additional markets to support more targeted patient care based on their genomic profile. We expect the latest development to positively boost the market sentiment toward MYGN stock.
Myriad Genetics has a market capitalization of $1.41 billion at present. Going by the Zacks Consensus Estimate, the company’s earnings are likely to surge 144.4% in 2024 on an 11.7% increase in revenues. In the trailing four quarters, it delivered an earnings beat of 247.7%, on average.
Significance of MYGN’s New Development
The company’s MyChoice CDx enables physicians to identify patients with tumors that have lost the ability to repair double-stranded DNA breaks, resulting in increased susceptibility to DNA-damaging drugs such as platinum or PARP inhibitors. The test features the HRD technology, which, combined with Illumina’s expertise in comprehensive genomic profiling, will enable it to broaden clinical research opportunities and potentially drive CDx development for HRD-based therapies across multiple potential tumor types. Broad availability of data and the Myriad GIS platform may help drive disease-site indication expansion and potential companion diagnostic product development beyond ovarian cancer.
Image Source: Zacks Investment Research
Myriad Genetics and Illumina initiated their strategic partnership in January 2021 and have expanded their collaboration geographically and technologically since then. Precise Tumor, a pan-cancer solid tumor comprehensive genomic profiling test, leverages Illumina’s current TSO 500 technology. The inclusion of GIS in all of the Precise Tumor clinical reports is expected to strengthen Myriad Genetics’ oncology product portfolio.
Industry Prospects Favoring MYGN
Per a research report, the global oncology CDx market was valued at $4.78 billion in 2023 and is expected to grow at a compound annual rate of 8.7% through 2030. The market growth is attributed to the increasing prevalence of cancer, the growing adoption of CDx and a rising emphasis on personalized medicine. Furthermore, the need to develop diagnostic options that can detect cancer at an early stage, which can help improve disease management & reduce mortality, is anticipated to propel the overall market growth.
More Updates From MYGN
This month, the company announced that the Prequel Prenatal Screen is now available at eight weeks into pregnancy. Enabled by its AMPLIFY technology, Prequel is the first and only prenatal cell-free DNA (cfDNA) screen available at eight weeks of gestational age.
Myriad Genetics’ SneakPeek gender test is now available over the counter in more than 8,800 retail locations nationwide. The product is the first of its kind to be sold on shelves in Walmart stores, greatly expanding access for expectant parents who want to learn if they’re having a girl or boy at home as early as six weeks into pregnancy.
MYGN Stock Price Performance
Year to date, MYGN shares have fallen 19% compared with the industry’s 8.4% decline.
MYGN’s Zacks Rank and Key Picks
Myriad Genetics currently carries a Zacks Rank #3 (Hold).
Penumbra’s shares have risen 5.9% in the past year. Estimates for the company’s 2024 earnings per share have jumped 8.1% to $2.79 in the past 30 days. PEN’s earnings beat estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 10.54%. In the last reported quarter, it posted an earnings surprise of 23.19%.
Estimates for Globus Medical’s 2024 earnings per share have increased 3.9%% to $2.95 in the past 30 days. Shares of the company have surged 83.9% in the past year compared with the industry’s 15.1% rise. GMED’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 17.65%. In the last reported quarter, it delivered an earnings surprise of 27.69%.
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MYGN Stock Up on Integration of HRD Platform Into Illumina's TSO 500 v2
Myriad Genetics, Inc. (MYGN - Free Report) recently announced updates to its agreement with Illumina Inc. (ILMN - Free Report) . The company’s gold-standard Genomic Instability Score (“GIS”) to determine Homologous Recombination Deficiency (“HRD”) will be reported for all samples analyzed with Illumina’s updated research assay, TruSight Oncology 500 v2 (TSO 500 v2).
The latest development expands the worldwide access to Myriad Genetics’ GIS, previously available as a separate product, and better positions it as a potential companion diagnostic (CDx) across multiple tumor types.
MYGN Stock’s Likely Trend Following the News
Following the announcement on Nov. 20, MYGN shares rallied 3.2% last Friday, finishing at $15.49. The company is working to extend the reach of its diagnostic solutions, such as the MyChoice Tests, into additional markets to support more targeted patient care based on their genomic profile. We expect the latest development to positively boost the market sentiment toward MYGN stock.
Myriad Genetics has a market capitalization of $1.41 billion at present. Going by the Zacks Consensus Estimate, the company’s earnings are likely to surge 144.4% in 2024 on an 11.7% increase in revenues. In the trailing four quarters, it delivered an earnings beat of 247.7%, on average.
Significance of MYGN’s New Development
The company’s MyChoice CDx enables physicians to identify patients with tumors that have lost the ability to repair double-stranded DNA breaks, resulting in increased susceptibility to DNA-damaging drugs such as platinum or PARP inhibitors. The test features the HRD technology, which, combined with Illumina’s expertise in comprehensive genomic profiling, will enable it to broaden clinical research opportunities and potentially drive CDx development for HRD-based therapies across multiple potential tumor types. Broad availability of data and the Myriad GIS platform may help drive disease-site indication expansion and potential companion diagnostic product development beyond ovarian cancer.
Image Source: Zacks Investment Research
Myriad Genetics and Illumina initiated their strategic partnership in January 2021 and have expanded their collaboration geographically and technologically since then. Precise Tumor, a pan-cancer solid tumor comprehensive genomic profiling test, leverages Illumina’s current TSO 500 technology. The inclusion of GIS in all of the Precise Tumor clinical reports is expected to strengthen Myriad Genetics’ oncology product portfolio.
Industry Prospects Favoring MYGN
Per a research report, the global oncology CDx market was valued at $4.78 billion in 2023 and is expected to grow at a compound annual rate of 8.7% through 2030. The market growth is attributed to the increasing prevalence of cancer, the growing adoption of CDx and a rising emphasis on personalized medicine. Furthermore, the need to develop diagnostic options that can detect cancer at an early stage, which can help improve disease management & reduce mortality, is anticipated to propel the overall market growth.
More Updates From MYGN
This month, the company announced that the Prequel Prenatal Screen is now available at eight weeks into pregnancy. Enabled by its AMPLIFY technology, Prequel is the first and only prenatal cell-free DNA (cfDNA) screen available at eight weeks of gestational age.
Myriad Genetics’ SneakPeek gender test is now available over the counter in more than 8,800 retail locations nationwide. The product is the first of its kind to be sold on shelves in Walmart stores, greatly expanding access for expectant parents who want to learn if they’re having a girl or boy at home as early as six weeks into pregnancy.
MYGN Stock Price Performance
Year to date, MYGN shares have fallen 19% compared with the industry’s 8.4% decline.
MYGN’s Zacks Rank and Key Picks
Myriad Genetics currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Penumbra (PEN - Free Report) and Globus Medical (GMED - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Penumbra’s shares have risen 5.9% in the past year. Estimates for the company’s 2024 earnings per share have jumped 8.1% to $2.79 in the past 30 days. PEN’s earnings beat estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 10.54%. In the last reported quarter, it posted an earnings surprise of 23.19%.
Estimates for Globus Medical’s 2024 earnings per share have increased 3.9%% to $2.95 in the past 30 days. Shares of the company have surged 83.9% in the past year compared with the industry’s 15.1% rise. GMED’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 17.65%. In the last reported quarter, it delivered an earnings surprise of 27.69%.