Myriad Genetics, Inc.
MYGN
recently announced favorable outcome of its second validation study of the Prolaris test. The latest finding validated this test’s prognostic power to help accurately predict which patients with more aggressive prostate cancer will benefit from intensification of therapy and who may safely avoid such treatments. Notably, this second study was validated by Jonathan Tward M.D of the Department of Radiation Oncology at the University of Utah.
Per management, Myriad Genetics was the first company to present a test that directly measures the molecular biology of an individual patient’s prostate cancer.
The study’s results show major progress in the company’s Oncology business.
Prolaris Test at a Glance
Prolaris is a genetic test designed by Myriad Genetics, 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.
With the updated guidelines in March 2020 at the National Comprehensive Cancer Network, Prolaris was recognized as one of only two prognostic tests to be considered for high-risk patients with prostate cancer.
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Notably, approximately 60% of men with prostate cancer currently have insurance or Medicare access to Prolaris.
More on the Study
Management noted that “the new data comes from a second study following previous data, recently published in Clinical Genitourinary Cancer in January 2021, that incorporated men treated surgically or with radiation therapy”.
The new study favors that Prolaris test can more accurately predict the aggressiveness of the cancer, widening the scope for more precise treatment and avoidance of more intense therapies with a patient’s parallel mortality.
Per personnel associated with the study, the new data for Prolaris test helps differentiate the most appropriate personalized treatment path for each patient based on individual tumor behavior. This help healthcare professionals to be able to avoid overtreating patients with therapies including hormone treatment that can significantly impact a patient’s quality of life, while still appropriately treating their prostate cancer.
Industry Prospects
Per a report by Allied Market Research
, the global prostate cancer treatment market size was valued at $6,887 million in 2018, and is anticipated to reach $9,904 million by 2026, registering a CAGR of 4.6% Rise in geriatric population, increase in prevalence of prostate cancer and the availability of new prostate cancer treatments are major factors driving the market.
Notable Developments
In January 2021, Myriad Genetics entered into a strategic partnership with
Illumina, Inc.
ILMN
for enhanced outcomes in Oncology. Per the terms of the time-limited agreement, Illumina will create a kit-based version of Myriad Genetics’ myChoice companion diagnostic (CDx) test for the international market.
In December 2020, Myriad Genetics presented a new study that validates myRisk Hereditary Cancer and riskScore tests. The Study shows that myRisk Hereditary Cancer and riskScore tests can better inform individualized clinical screening and prevention strategies for women at risk of developing breast cancer.
Price Performance
Shares of the company have surged 57% in a year’s time compared with the
industry
’s growth of 14.9%.
Zacks Rank and Key Picks
Currently, Myriad Genetics carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are
Acorda Therapeutics, Inc.
ACOR
and
Atea Pharmaceuticals, Inc.
AVIR
, each carrying a Zacks Rank #2 (Buy). You can see
the complete list of Zacks #1 Rank (Strong Buy) stocks here.
Acorda Therapeutics has a projected long-term earnings growth rate of 14%.
Atea Pharmaceuticals has an estimated long-term earnings growth rate of 164%.
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