Myriad Genetics (MYGN - Free Report) recently released positive study outcome on Prolaris. The primary finding is that Prolaris can accurately identify which patient with intermediate or high-risk prostate cancer can be treated with multi-modality therapy and who can safely avoid such a treatment.
Prolaris is a genetic test designed by Myriad Genetics, which is equipped to directly measure tumor cell growth. The test combined with both prostate-specific antigen and Gleason can assess the degree of aggressiveness of a patient’s individual prostate cancer.
The study results show major progress in the company’s Oncology business.
More on the Study
The investigators studied 718 men with intermediate or high-risk prostate cancer. In the study, patients with a Prolaris score of greater than 2.112 (who are considered above the high-risk threshold), which constituted nearly 44% of the men in the study, were found to have significantly benefited from multi-modality therapy, which led to mitigation in the risk of metastases. Patients below the high-risk threshold were found to have received no benefit from multi-modality therapy, implying that such patients may opt for additional treatment.
Per OMRglobal.com, the prostate cancer treatment market is likely to see a CAGR of 10.2% during 2017-2022. Hence, the study results come at an opportune moment.
Lately, the company has been taking steps to boost its portfolio of prostate cancer treatment.
In January 2020, Myriad Genetics submitted a supplementary premarket approval (sPMA) application to the FDA for its BRACAnalysis CDx test to be used as a companion diagnostic to AstraZeneca’s and Merck’s PARP inhibitor Lynparza (olaparib) to treat men with metastatic castration-resistant prostate cancer.
In the past year, the stock has underperformed its industry. The stock has lost 38.3%, compared with the industry’s 3.8% decline.
Zacks Rank & Stocks Worth a Look
Myriad Genetics currently has a Zacks Rank #4 (Sell).
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) . While ResMed sports a Zacks Rank #1 (Strong Buy), the other two carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank 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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