- Oops!Something went wrong.Please try again later.
Myriad Genetics, Inc. MYGN recently announced the publication of a study in Psychiatry Research, which illustrated the superiority of the GeneSight Psychotropic test at predicting citalopram and escitalopram blood concentrations, unlike single-gene testing. The test utilizes a combinatorial pharmacogenomic approach, which assesses how variations in genes may impact an individual’s outcomes with certain medications.
The study evaluated 191 patients from the GUIDED clinical study who were on citalopram or escitalopram at the time of their screening visit, had their doses specified and provided a blood sample. Notably, citalopram and escitalopram are routine first and second-line treatments for major depressive disorder.
With the recent favorable study outcome, Myriad Genetics’ Molecular Diagnostic testing arm is expected to strengthen foothold globally.
GeneSight Psychotropic Test Versus Single-Gene Test
Currently, guidelines provided by the Clinical Pharmacogenetics Implementation Consortium recommend citalopram based on CYP2C19 metabolizer status. However, scientific evidence backs the role of additional genes (CYP2D6 and CYP3A4) in citalopram metabolism.
Per management, the GeneSight test assesses and weighs multiple gene factors to predict blood drug levels more accurately. This enables the identification of more patients with significant gene-drug interactions, who would otherwise be missed by single-gene testing. The study also provides evidence to reinforce the superiority of GeneSight’s combinatorial testing unlike single-gene methodologies and guideline recommendations.
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 the growing prevalence of infectious diseases are expected to propel the market.
Given the market potential, the favorable study outcome is expected to significantly boost the business.
Recent Developments in Molecular Diagnostics
Of late, Myriad Genetics has been witnessing a slew of developments.
The company announced the publication of a prospective study in June, which demonstrated that the EndoPredict test predicts which patients with ER+, HER2- early-stage breast cancer will benefit from the neoadjuvant therapy.
In May, Myriad Genetics announced the presentation of two new studies, which illustrated the ability of its risk Score test to provide personalized breast cancer risk information. This allows patients and physicians to make better clinical treatment decisions.
Further, in May, the company received the FDA’s approval for its BRACAnalysis CDx test for use as a companion diagnostic by healthcare professionals to identify men with metastatic castration-resistant prostate cancer, who are eligible for treatment with Lynparza (olaparib).
The company also received the FDA’s clearance for its myChoiceCDx test in May for use as a companion diagnostic by healthcare professionals to identify advanced ovarian cancer patients with positive homologous recombination deficiency status, who are eligible or may become eligible for first-line maintenance treatment with Lynparza (olaparib) in combination with bevacizumab.
In April, the company announced the publication of a meta-analysis of four clinical trials, which demonstrated that the GeneSight Psychotropic test significantly improves clinical outcomes among patients with major depressive disorder. In the same month, Myriad Genetics announced the receipt of reimbursement and the subsequent launch of its BRACAnalysis Diagnostic System (BRACAnalysis) in Japan.
Shares of the company have gained 7.6% in the past three months compared with the industry’s 14.3% growth and the S&P 500’s 11.9% rise.
Zacks Rank & Key Picks
Currently, Myriad Genetics carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Aphria Inc. APHA, Illumina, Inc. ILMN and QIAGEN N.V. QGEN.
Aphria’s long-term earnings growth rate is projected at 24.6%. It currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Illumina’s long-term earnings growth rate is estimated at 11%. The company presently has a Zacks Rank #2.
QIAGEN’s long-term earnings growth rate is estimated at 12.2%. It currently sports a Zacks Rank #1.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Illumina, Inc. (ILMN) : Free Stock Analysis Report
Myriad Genetics, Inc. (MYGN) : Free Stock Analysis Report
QIAGEN N.V. (QGEN) : Free Stock Analysis Report
Aphria Inc. (APHA) : Free Stock Analysis Report
To read this article on Zacks.com click here.