Myriad Genetics BRACAnalysis CDx in OlympiAD Results Positive
Myriad Genetics, Inc. MYGN, a leading molecular diagnostics and personalized medicine company recently unveiled positive data pertaining to its BRACAnalysis CDx test. This breast cancer (BRAC) assay successfully identified patients with HER2- metastatic breast cancer in the OlympiAD trial who responded better to treatment with olaparib than standard chemotherapy.
BRACAnalysis CDx is the laboratory test to identify germ line BRCA1 and BRCA2 mutations and is intended to inform patients related to the poly ADP ribose polymerase (PARP) inhibitors which are Lynparza (olaparib) and Zejula (niraparib). The test was developed in collaboration with AstraZeneca back in 2007.
Notably, over the last three months, Myriad Genetics has been trading above the Zacks categorized Medical - Biomedical and Genetics industry. As per the latest share price movement, the company has gained 6.7% in this period, which is way better than the 6% decline of the broader industry. We are optimistic that banking on its companion diagnostics program, Myriad Genetics’ share price will continue to trend upward.
Coming to the news, OlympiAD is the first Phase 3 trial to demonstrate the clinical utility of the BRACAnalysis CDx test outside of ovarian cancer for which it received FDA approval in 2014. Based on the favorable OlympiaAD results, Myriad Genetics plans to submit a supplementary premarket approval application under its existing PMA for BRACAnalysis CDx to include the HER2- metastatic breast cancer indication.
Per the company, there are approximately 60,000 patients every year in the U.S. who are diagnosed with HER2- metastatic breast cancer. Of these patients, two-thirds are said to be ineligible for BRCA testing based upon current testing criteria. Management believes that the new findings from the OlympiAD study will expand the population who can benefit from the BRACAnalysis CDx test and will also help doctors improve care for their metastatic breast cancer patients.
As per a Mordor Intelligence report, the global companion diagnostics market has been estimated to reach a worth of $36 billion by the end of 2021 at a CAGR of 35%. Taking into consideration this huge growth potential, Myriad Genetics is consistently emphasizing on companion diagnostics. Of late, the company entered into companion diagnostic development collaboration with BeiGene, a clinical-stagebiopharmaceutical company to accelerate precision medicine in oncology.
Zacks Rank & Better Key Picks
Myriad Genetics currently carries a Zacks Rank #3 (Hold). A few better-ranked medical stocks are Align Technology, Inc. ALGN, Inogen, Inc. INGN and Accelerate Diagnostics, Inc. AXDX. Notably, Align Technologyand Inogen sport a Zacks Rank #1 (Strong Buy), while Accelerate Diagnostics carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Align Technologyhas an expected long-term adjusted earnings growth of almost 22.8%. The stock added roughly 45.7% over the last three months.
Inogen has a long-term expected earnings growth rate of 17.5%. The stock has a solid one-year return of around 79.7%.
Accelerate Diagnostics has an expected long-term adjusted earnings growth of 30%. The stock added roughly 14% over the last three months.
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