Myriad Genetics, Inc. MYGN recently announced the launch of UroSuite, which is a comprehensive suite of genetic risk assessment tests that cover every stage of prostate cancer care. The UroSuite includes the company’s Prolaris Prostate Cancer Test, MyRisk Hereditary Cancer Test, BRACAnalysis CDx and Precise Tumor Molecular Profile Test.
The latest launch is expected to significantly boost Myriad Genetics’ Oncology business, which is a part of the broader Molecular Diagnostic Testing segment.
Significance of the Launch
UroSuite’s combination of tests is expected to provide integrated genetic insights and make it easier to customize therapy and clinical trial selection for patients.
Per an expert familiar with the tests, the educational and utilization gaps in the adoption of genetic testing in prostate cancer are likely to be mitigated as clinicians are now expected to have access to tools that can assist them with turnaround times and report interpretation. This will likely align with national guidelines on genetic testing.
Per management, the launch of UroSuite emphasizes the company’s commitment to advancing health and well-being for all through a set of testing solutions for prostate cancer care, improved support and access to genetics and cancer specialists.
Per a report by Allied Market Research, the global cancer diagnostics market was valued at $168,600.04 million in 2020 and is anticipated to reach $280,590.21 million by 2028 at a CAGR of 6.9%. Factors like growing incidences and prevalence of various cancers and technological advancements are likely to drive the market.
Given the market potential, the latest launch is expected to significantly strengthen Myriad Genetics’ business worldwide.
This month, Myriad Genetics announced that JCO Precision Oncology had published a study highlighting the development and validation of a breast cancer polygenic risk score for women of all ancestries.
The same month, Myriad Genetics announced that it had acquired Gateway Genomics, LLC, a personal genomics company and developer of consumer genetic tests, including the SneakPeek Early Gender DNA Test.
Also in November, Myriad Genetics announced its third-quarter 2022 results, where it registered robust growth in its testing volumes. Hereditary cancer testing volume continued to improve during the quarter. Solid growth was also recorded in GeneSight volumes in the third quarter.
Myriad Genetics’ stock has lost 29.1% over the past year compared with the industry’s 24.1% decline and the S&P 500's 16.4% fall.
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Zacks Rank & Stocks to Consider
Currently, Myriad Genetics carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. AMN, ShockWave Medical, Inc. SWAV and McKesson Corporation MCK.
AMN Healthcare, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 3.3%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 10.9%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AMN Healthcare has gained 1.4% against the industry’s 36.1% decline in the past year.
ShockWave Medical, carrying a Zacks Rank #2 at present, has an estimated growth rate of 23.6% for 2023. SWAV’s earnings surpassed estimates in all the trailing four quarters, the average beat being 146.1%.
ShockWave Medical has gained 20% against the industry’s 27.9% decline over the past year.
McKesson, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 10.1%. MCK’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average beat being 4.8%.
McKesson has gained 60.5% against the industry’s 13.2% decline over the past year.
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