Myriad Genetics Stock Price, News & Analysis

Myriad Genetics (NASDAQ: MYGN) has agreed to sell its myPath Melanoma laboratory to Castle Biosciences for $32.5 million. This strategic divestiture is aimed at enhancing shareholder value while allowing Myriad to concentrate on its core areas in Women's Health, Oncology, and Mental Health.

The myPath Melanoma test has served nearly 40,000 patients and is ordered by about 20% of dermatopathologists in the U.S. The deal is pending customary closing conditions and is expected to finalize in Myriad's fiscal second quarter.

Myriad Genetics (NASDAQ: MYGN) has formed a strategic collaboration with Intermountain Precision Genomics to enhance global precision oncology care. This venture integrates Myriad’s advanced genetic testing capabilities with Intermountain's laboratory services, launching a comprehensive offering of germline genetic testing and somatic tumor profiling expected to be available in late 2021. The collaboration includes Myriad's myRisk® and myChoice® CDx tests, supported by major insurance payers, aiming to provide complete genetic analysis for oncologists.

Myriad Genetics (MYGN) reported a 6% sequential revenue increase to $154.6 million for the quarter ending December 31, 2020, despite a 21% year-over-year decline. Test volumes rose 7% sequentially to 224,000, with adjusted EPS improving to ($0.12). The company signed an in-network agreement with Anthem Blue Cross Blue Shield, enhancing access for genetic tests. The business transformation plan includes focusing on women’s health, oncology, and mental health, while divesting less strategic units. Myriad did not provide financial guidance due to COVID-19 uncertainties.

Myriad Genetics (MYGN) announced new technology and healthcare leaders joining the company to drive transformation and growth. Key promotions include Kevin R. Haas as Chief Technology Officer and Faith Zaslavsky as President of Myriad Oncology. New executives include Maggie Ancona, David Hammer, Chris Williamson, Edward Gala, Karen Renner, Jackie Zou, and Justin Hunter. The company aims to enhance its operational excellence and strategic initiatives. Myriad was also recognized as a top workplace in the health industry, ranking first in cultural excellence and innovation.

Myriad Genetics (NASDAQ: MYGN) announced its upcoming quarterly earnings call for the period ending December 30, 2020, scheduled for 4:30 p.m. EST on February 23, 2021. The call will include insights from Paul J. Diaz, President and CEO, and R. Bryan Riggsbee, CFO, regarding the company's financial performance and business developments. Investors can participate via dial-in or live webcast. Following the call, an archived replay will be available for seven days.

Myriad Genetics has announced additional data from a study validating the effectiveness of its Prolaris test in determining treatment paths for men with prostate cancer. The study, presented at the ASCO-GU symposium, indicates Prolaris can identify patients who require intensive therapy versus those who can be monitored. With an estimated 248,530 prostate cancer cases expected in the U.S. this year, the test helps avoid overtreatment. Approximately 60% of men with prostate cancer have insurance coverage for Prolaris, reflecting the company's commitment to expanding access.

Myriad Genetics, a leader in genetic testing, will participate in key health and technology conferences in February and March 2021. Executives Paul J. Diaz and R. Bryan Riggsbee will host fireside chats at the BTIG Virtual Conference on February 19, the Leerink Global Healthcare Conference on February 24, and the Cowen Annual Healthcare Conference on March 2. These discussions will focus on enhancing services in Women's Health, Oncology, and Mental Health. Live audio webcasts will be available on Myriad's website.

Myriad Genetics (NASDAQ:MYGN) announced a new analysis published in Psychiatry Research highlighting the effectiveness of its GeneSight^® Psychotropic test. The study shows that the combinatorial approach of the GeneSight test outperforms single-gene testing in predicting patient outcomes and medication blood levels for depression and anxiety treatments. The analysis utilized data from the GUIDED trial, revealing higher response rates when patients switched to medications with moderate or no gene-drug interactions. This work underscores the potential of GeneSight as a standard-of-care tool in psychiatric treatment.

Myriad Genetics (NASDAQ: MYGN) announced a strategic collaboration with Illumina to create a kit-based version of the myChoice® companion diagnostic test for international markets.

This partnership aims to enhance access to innovative oncology solutions, improving patient outcomes by utilizing next-generation sequencing in tumor profiling.

myChoice CDx is the only extensively validated diagnostic test for predicting responses to PARP inhibitors in various cancers and has recently received CE Marking and Japanese regulatory approval.