Myriad Genetics, Inc. (MYGN - Free Report) recently submitted a supplementary premarket approval (sPMA) application to the FDA for its myChoice CDx test. This will enable the identification of women suffering from advanced ovarian cancer who are prospective candidates for maintenance therapy with Lynparza (olaparib) in combination with bevacizumab.
With the receipt of approval, the company will take a major stride forward in its Oncology and Women’s Health segment.
More About myChoice CDx
myChoice CDx is the most wide-ranging homologous recombination deficiency test, helping physicians identify patients with tumors, who have increased exposure to DNA-damaging drugs such as platinum drugs or PARP inhibitors.
The company filed for the sPMA on the basis of favorable outcomes from the Phase 3 PAOLA-1 clinical trial of Lynparza that was published online in December 2019. The sPMA would ensure better outcomes for ovarian cancer patients through precision medicine and targeted therapies.
Per ResearchandMarkets.com, the ovarian cancer treatment market is expected to see a CAGR of 7.02% to reach $2.51 billion by 2024.
In January 2020, Myriad Genetics submitted a sPMA application to the FDA for its myChoice CDx test to enable the prediction of outcomes of women affected with first-line platinum responsive advanced ovarian cancer, treated with GSK’s PARP inhibitor Zejula (niraparib). This filing was done on the basis of the favorable outcomes of the Phase 3 PRIMA trial of Zejula.
In the past year, the stock has underperformed its industry. The stock has lost 35.5%, compared with the industry’s 2.5% decline.
Zacks Rank & Stocks Worth a Look
Myriad Genetics currently has a Zacks Rank #3 (Hold).
A few better-ranked stocks from the broader medical space are Hill-Rom (HRC - Free Report) , Stryker (SYK - Free Report) and ResMed (RMD - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hill-Rom has a projected long-term earnings growth rate of 11.1%.
Stryker has an expected long-term earnings growth rate of 9.9%.
ResMed has a long-term earnings growth rate of 11.9%.
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