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Recently, Myriad Genetics, Inc.’s MYGN myChoice CDx test has been added under the American Society of Clinical Oncology’s (“ASCO”) latest recommendations on the use of PARP inhibitors for treatment and management of patients with advanced ovarian cancer. Notably, the clinical trial results-based recommendations have been published in the Journal of Clinical Oncology.
The myChoice CDx is the only named commercial companion diagnostic in the recommendation, titled “PARP Inhibitors in the Management of Ovarian Cancer: ASCO Guideline”. The guideline states that women with ovarian cancer and germline (sex cells) or somatic mutations in BRCA1 or BRCA2 genes and/or genomic (genome: an organism's complete set of DNAs) instability are recommended by ASCO for PARP inhibitor therapy. For investors’ note, the instability can be determined by the myChoice CDx.
Further, the guideline includes myChoice CDx guided management in both newly diagnosed and recurrent ovarian cancer cases.
Myriad Genetics’ Molecular Diagnostic Testing business is expected to progress a step forward with this latest achievement.
Significance of the Inclusion
Per the estimates of the American Cancer Society, ovarian cancer ranks fifth in terms of causing death among women. Ovarian cancer accounts for more deaths than any other cancer of the female reproductive system. It is estimated that there will be 21,750 new cases diagnosed and approximately 13,940 deaths in 2020 in the United States. However, the risk of the occurrence of ovarian cancer during a woman’s lifetime is comparatively lower than dying from it.
Considering these estimates, it is essential to enhance treatment of the cancer and Myriad Genetics’ myChoice CDx test is expected to help in the same. The myChoice CDx is the most comprehensive homologous recombination deficiency test. This enables physicians to identify patients that are highly susceptible to DNA-damaging drugs such as platinum drugs or PARP inhibitors.
Per a report by Grand View Research, the global molecular diagnostics market size was valued at $9.2 billion in 2019 and is anticipated to reach $18.2 billion by 2027 at a CAGR of 9%. Factors like technological advancements in molecular diagnostics and growing prevalence of infectious diseases are expected to boost the market.
Given the market potential, the inclusion of the test in ASCO’s guideline is expected to significantly drive the company’s business.
Recent Developments in Molecular Diagnostics
Of late, Myriad Genetics has been witnessing a slew of developments.
In July, the company announced that Medicare expanded coverage for BRACAnalysis CDx for men with prostate cancer who are eligible or may become eligible for treatment with Lynparza (olaparib). In the same month, Myriad Genetics rolled out its proprietary AMPLIFY technology that enhances the performance of its Prequel non-invasive prenatal screening test.
The company also launched a new enhancement, which is currently available on its Vectra test report. Further, Myriad Genetics collaborated with OptraHEALTH with the aim of implementing a cognitive AI-powered ChatBOT — Gene — in the field of hereditary cancer. In July, the company also launched a new patient home-collection kit for its GeneSight Psychotropic test.
In June, Myriad Genetics received favorable coverage decisions for Prolaris from three new commercial health plans, which includes one of the top five national health insurance providers.
Shares of the company have lost 35.9% in the past year against the industry’s 14.8% growth and the S&P 500’s 18.3% rise.
Zacks Rank & Stocks to Consider
Currently, Myriad Genetics carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the broader medical space are QIAGEN N.V. QGEN, Thermo Fisher Scientific Inc. TMO and Hologic, Inc. HOLX.
QIAGEN’s long-term earnings growth rate is estimated at 22.3%. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Thermo Fisher’s long-term earnings growth rate is estimated at 15%. It currently carries a Zacks Rank #2 (Buy).
Hologic’s long-term earnings growth rate is estimated at 15.5%. The company presently sports a Zacks Rank #1.
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