Myriad Genetics, Inc. (MYGN - Free Report) presented encouraging data from a study to evaluate the risk of breast cancer in women of European lineage with a negative myRisk Hereditary Cancer test result for a hereditary cancer mutation. Notably, the results were presented at the 2017 San Antonio Breast Cancer Symposium (SABCS) in San Antonio, TX.
Per the company, the study — covering 1,617 women: 990 women with breast cancer and 627 controls — was designed to evaluate the new riskScore test's ability to accurately predict the five-year and lifetime risk of breast cancer compared to the Tyrer-Cuzick model alone. The results demonstrated riskScore’s statistically-significant ability to predict the risk of breast cancer in women who have been tested negative for hereditary breast cancer mutations for five years or more.
Interestingly, Myriad Genetics has introduced riskScore under its myRisk Hereditary Cancer testing portfolio to solidify its footprint in the rapidly-growing hereditary cancer testing market. Based in Salt Lake City, UT, this leading molecular diagnostics and personalized medicines provider’s proprietary riskScore is a precision medical tool for patients who use myRisk to get their tests done.
In September, the company introduced riskScore under its myRisk Hereditary Cancer testing portfolio and also presented encouraging riskScore test data. It also announced favorable study results for its myRisk Hereditary Cancer suite. The results were presented at the 36th annual conference of the National Society of Genetic Counselors (NSGC) in Columbus, OH. In June, the company presented favorable data from a 2,000-patient clinical study with myRisk Hereditary Cancer tests at the American Society of Clinical Oncology (ASCO). The results highlighted the importance of the multi-gene panel testing for advancement of the hereditary cancer-risk evaluation platform.
Myriad Genetics has been riding high on strength in the Hereditary Cancer testing space. In the last reported quarter, the company witnessed year-over-year growth in Hereditary Cancer testing volumes for the third consecutive quarter, with pricing on par with expectations.
Per a report by DPI Research on Medium, the breast cancer screening market in the United States is expected to reach a value of roughly $5.8 billion by 2022. Moreover, per an article by BreastCancer.Org, approximately 252,710 new cases of invasive breast cancer in women are likely to be diagnosed in the United States in 2017. They also project 63,410 new cases of non-invasive (in situ) breast cancer this year as well.
We believe an ageing population, rising awareness and expenditure in healthcare will continue to drive growth in the breast cancer screening market. However, this market is dominated by many well-established players, Quest Diagnostics (DGX - Free Report) being the most prominent one. In this space, Quest Diagnostics’ Quest Vantage services help in the discovery of genetic variants related to the hereditary risk of 15 types of cancer, including breast, colorectal, pancreatic and renal.
Share Price Performance
Myriad Genetics has been gaining investor confidence on consistently positive results. Over the past year, the company’s share price has outperformed the broader industry. The stock has gained 90.1%, in contrast to the broader industry’s 1.2% decline.
Zacks Rank & Key Picks
Myriad Genetics sports a Zacks Rank #1 (Strong Buy).
Other top-ranked medical stocks are PetMed Express, Inc. (PETS - Free Report) and Align Technology, Inc. (ALGN - Free Report) . Notably, PetMed and Align Technology sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
PetMed has a long-term expected earnings growth rate of 10%. The stock has rallied roughly 88.9% over a year.
Align Technology has a long-term expected earnings growth rate of 28.9%. The stock has gained 144.7% in a year.
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