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Myriad Genetics (MYGN) Expands in MRD Testing With New Collab
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Myriad Genetics, Inc. (MYGN - Free Report) recently announced an agreement with Personalis, Inc. to cross-license patent estates covering tumor-informed approaches to detect minimal residual disease (MRD).
The latest collaboration should help Myriad Genetics strengthen its market presence and broaden patients’ access to the benefits of MRD testing.
About MRD Test
MRD tests are blood-based diagnostic tools that enable clinicians to monitor therapeutic responses to cancer treatment more closely than with traditional cancer detection technologies, such as imaging, and detect cancer recurrence earlier. The utilization of MRD testing is nascent, but the adoption rate is growing rapidly.
Significance of the Agreement
Both Myriad Genetics and Personalis are working to redefine the standard for MRD testing and increase market access to help make better clinical decisions for the treatment and monitoring of oncology patients. The latest agreement should help drive broader MRD testing adoption and reimbursement,and greatly advance this opportunity for patients in this emerging and under-penetrated market.
More on the News
For investors’ note, Myriad Genetics and Personalis are pioneering tumor-informed, genome-scale approaches to power ultra-sensitive MRD tests, enabling earlier cancer recurrence detection and more refined therapy monitoring than alternative approaches.
Myriad Genetics’ Precise MRD is a tumor-informed, genome-scale MRD test that is part of its Precise Oncology Solutions used for oncology detection and treatment.
Additionally, Personalis has presented compelling clinical evidence across large lung cancer, breast cancer, and immunotherapy cohorts demonstrating the ability of its NeXT Personal whole-genome-based MRD platform to drive patients’ performance.
Image Source: Zacks Investment Research
Market Prospects
Per a BIS Research report, the MRD testing market was valued at $1.67 billion in 2023 and is expected to reach $6.67 billion by 2033, at a CAGR of 14.81%. The market is driven by several primary factors, including the expansion in medicare coverage for MRD testing and the administration of solid tumor diagnosis. The increasing adoption rate of MRD testing due to a rise in consumer awareness is also responsible for market growth.
Hence, looking at the market potential, the latest agreement is well-timed and beneficial for both entities.
Other Notable Developments
Earlier this month, Myriad Genetics announced that the United States Patent and Trademark Office has issued a second patent, which should strengthen its ability to deliver a tumor-informed, high-definition, MRD assay to the market. Additionally, in March 2024, the company announced its complementary patent granted for the company’s methods of preparing cell-free DNA that also enables high-sensitivity tumor-informed MRDassays.
In June 2024, Myriad Genetics announced a collaboration with GSK to improve access to homologous recombination deficiency (HRD) diagnostic testing for high-grade serous ovarian cancer patients. This new sponsored testing program leveraging Myriad’s MyChoice HRD Plus and MyChoice CDx Plus Tests will be now available in Argentina, Brazil, Chile, Colombia, Egypt, the Netherlands, Saudi Arabia, Singapore and the United Arab Emirates.
Price Performance
In the past year, shares of MYGN have risen 16.8% against the industry’s 4.6% decline.
Zacks Rank and Key Picks
Myriad Genetics currently carries a Zacks Rank #3 (Hold).
The Hims & Hers Heath stock has surged 138.2% in the past year. Estimates for the company’s earnings have moved north 11.1% to 20 cents for 2024 in the past 30 days.
HIMS’ earnings beat estimates in three of the trailing four quarters and missed in one, delivering an average surprise of 79.2%. In the last reported quarter, it posted an earnings surprise of a staggering 150%.
Estimates for Haemonetics’ 2024 EPS have remained constant at $4.57 in the past 60 days. Year to date, shares of HAE have risen 5.9% compared with the industry’s 3.7% growth.
In the last reported quarter, HAE delivered an earnings surprise of 2.27%. The company has a trailing four-quarter average earnings surprise of 13.24%.
Estimates for AdaptHealth’s 2024 EPS have remained unchanged at 96 cents in the past 60 days. Shares of the company have surged 45.6% year to date compared with the industry’s 3.7% growth.
AHCO’s earnings missed estimates in one of the trailing four quarters and beat in the other three, the average surprise being 49.7%.
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Myriad Genetics (MYGN) Expands in MRD Testing With New Collab
Myriad Genetics, Inc. (MYGN - Free Report) recently announced an agreement with Personalis, Inc. to cross-license patent estates covering tumor-informed approaches to detect minimal residual disease (MRD).
The latest collaboration should help Myriad Genetics strengthen its market presence and broaden patients’ access to the benefits of MRD testing.
About MRD Test
MRD tests are blood-based diagnostic tools that enable clinicians to monitor therapeutic responses to cancer treatment more closely than with traditional cancer detection technologies, such as imaging, and detect cancer recurrence earlier. The utilization of MRD testing is nascent, but the adoption rate is growing rapidly.
Significance of the Agreement
Both Myriad Genetics and Personalis are working to redefine the standard for MRD testing and increase market access to help make better clinical decisions for the treatment and monitoring of oncology patients. The latest agreement should help drive broader MRD testing adoption and reimbursement,and greatly advance this opportunity for patients in this emerging and under-penetrated market.
More on the News
For investors’ note, Myriad Genetics and Personalis are pioneering tumor-informed, genome-scale approaches to power ultra-sensitive MRD tests, enabling earlier cancer recurrence detection and more refined therapy monitoring than alternative approaches.
Myriad Genetics’ Precise MRD is a tumor-informed, genome-scale MRD test that is part of its Precise Oncology Solutions used for oncology detection and treatment.
Additionally, Personalis has presented compelling clinical evidence across large lung cancer, breast cancer, and immunotherapy cohorts demonstrating the ability of its NeXT Personal whole-genome-based MRD platform to drive patients’ performance.
Image Source: Zacks Investment Research
Market Prospects
Per a BIS Research report, the MRD testing market was valued at $1.67 billion in 2023 and is expected to reach $6.67 billion by 2033, at a CAGR of 14.81%. The market is driven by several primary factors, including the expansion in medicare coverage for MRD testing and the administration of solid tumor diagnosis. The increasing adoption rate of MRD testing due to a rise in consumer awareness is also responsible for market growth.
Hence, looking at the market potential, the latest agreement is well-timed and beneficial for both entities.
Other Notable Developments
Earlier this month, Myriad Genetics announced that the United States Patent and Trademark Office has issued a second patent, which should strengthen its ability to deliver a tumor-informed, high-definition, MRD assay to the market. Additionally, in March 2024, the company announced its complementary patent granted for the company’s methods of preparing cell-free DNA that also enables high-sensitivity tumor-informed MRDassays.
In June 2024, Myriad Genetics announced a collaboration with GSK to improve access to homologous recombination deficiency (HRD) diagnostic testing for high-grade serous ovarian cancer patients. This new sponsored testing program leveraging Myriad’s MyChoice HRD Plus and MyChoice CDx Plus Tests will be now available in Argentina, Brazil, Chile, Colombia, Egypt, the Netherlands, Saudi Arabia, Singapore and the United Arab Emirates.
Price Performance
In the past year, shares of MYGN have risen 16.8% against the industry’s 4.6% decline.
Zacks Rank and Key Picks
Myriad Genetics currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Hims & Hers Health, Inc. (HIMS - Free Report) , Haemonetics (HAE - Free Report) and AdaptHealth Corp. (AHCO - Free Report) . While Hims & Hers currently sports a Zacks Rank #1 (Strong Buy), Haemonetics and AdaptHealth carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Hims & Hers Heath stock has surged 138.2% in the past year. Estimates for the company’s earnings have moved north 11.1% to 20 cents for 2024 in the past 30 days.
HIMS’ earnings beat estimates in three of the trailing four quarters and missed in one, delivering an average surprise of 79.2%. In the last reported quarter, it posted an earnings surprise of a staggering 150%.
Estimates for Haemonetics’ 2024 EPS have remained constant at $4.57 in the past 60 days. Year to date, shares of HAE have risen 5.9% compared with the industry’s 3.7% growth.
In the last reported quarter, HAE delivered an earnings surprise of 2.27%. The company has a trailing four-quarter average earnings surprise of 13.24%.
Estimates for AdaptHealth’s 2024 EPS have remained unchanged at 96 cents in the past 60 days. Shares of the company have surged 45.6% year to date compared with the industry’s 3.7% growth.
AHCO’s earnings missed estimates in one of the trailing four quarters and beat in the other three, the average surprise being 49.7%.