Myriad Genetics, Inc. (MYGN - Free Report) announced that its Vectra test was included by the American College of Rheumatology (“ACR”) in its list of recommended disease activity measures for patients with rheumatoid arthritis (RA). Per the recommendation, published in the Arthritis Care & Research journal, Vectra is among 11 disease activity measures, which meet a minimum standard, considering disease activity states and feasibility for regular clinical use.
With the recent recognition, which is a stepping stone to expand its offerings in RA, Myriad Genetics aims to strengthen foothold in the global autoimmune disease diagnostics market.
Few Words on Vectra
Vectra is a multi-biomarker molecular blood test, which provides an unbiased and tailored measure of inflammatory disease activity in patients with RA. Vectra helps to predict radiographic progression, enabling care providers to chalk out appropriate treatment plans for patients.
Vectra is one of the five commonly studied RA disease activity measures among the 46 assessed. Presently, there are more than 35 peer-reviewed Vectra journal publications.
Significance of the Inclusion
Management expects the inclusion of Vectra in the ACR’s recommendations for disease activity measures to provide an additional treatment option to medical practitioners. As the test accurately measures inflammation associated with RA, it will provide important information to physicians to make more informed treatment decisions to improve the outcome.
Myriad Genetics is optimistic about increased customer adoption of Vectra. The company is expecting the trend to continue as the ACR estimates that 1.5 million people are affected by RA in the United States.
Myriad Genetics presented favorable data related to the Vectra test at the 2019 ACR/ARP Annual Meeting in Atlanta, GA, in November. The key focus of the studies on the test was to predict the risk of a cardiovascular (CV) event in people with RA with the Vectra score in combination with other clinical measures and the risk of radiographic progression (RP) within a year.
Per a report by Global Market Insights, the global autoimmune disease diagnostics market size was valued at more than $13 billion in 2018. It is expected to witness 2.8% CAGR between 2019 and 2025. Key factors driving the market are growing incidents of RA and awareness related to autoimmune diseases through various research, education, support and advocacy programs.
Given the huge potential of the autoimmune disease diagnostics market, the company has received the boost at the right time.
The company’s shares have lost 18.2% in the past year compared with the industry’s decline of 3.8%.
Zacks Rank & Stocks to Consider
Currently, Myriad Genetics carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the broader medical space are Haemonetics Corporation (HAE - Free Report) , NuVasive, Inc (NUVA - Free Report) and ResMed Inc (RMD - Free Report) .
Haemonetics, currently flaunting a Zacks Rank #2 (Buy), has a projected long-term earnings growth rate of 13.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NuVasive’s long-term earnings growth rate is estimated at 10.9%. The company currently has a Zacks Rank #2.
ResMed’s long-term earnings growth rate is estimated at 12.9%. It currently carries a Zacks Rank #2.
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