Myriad Genetics Stock Price, News & Analysis

Myriad Genetics (NASDAQ: MYGN) announced that its EndoPredict® breast cancer prognostic test has received a positive evaluation from Germany's Federal Joint Committee (G-BA). This approval allows EndoPredict to be available for all patients with statutory health insurance in Germany, aiding in personalized chemotherapy decisions for early-stage breast cancer patients. The test has been recommended globally by several medical guidelines and is already accessible in multiple European countries. Myriad aims to expand access to this critical test in the German healthcare system.

Myriad Genetics (NASDAQ: MYGN) has filed its fiscal year 2020 proxy statement, announcing significant changes to its board structure, executive compensation, and governance policies. By year-end, two-thirds of the board will consist of new members with expertise in healthcare and technology. New policies include shifting to majority voting for directors, implementing a retirement age for directors, and enhancing board diversity to 44%. Additionally, changes to executive compensation tie bonuses to financial performance and adjust the fiscal year end from June 30 to December 31 for better alignment with industry standards.

Myriad Genetics (NASDAQ: MYGN) expands its Board of Directors by electing Rashmi Kumar, effective immediately. Kumar, age 51, is the Senior Vice President and Global Chief Information Officer at Hewlett Packard Enterprise, with previous experience at McKesson Corporation as Chief Information Officer. Her expertise in IT transformation, AI, and data analytics is expected to enhance Myriad's capabilities in molecular diagnostics and precision medicine. The board now consists of 12 members, signifying an effort to bolster strategic insights and operational growth.

Myriad Genetics (NASDAQ: MYGN) announced that its myChoice® CDx test has been included in new ASCO guidelines for PARP inhibitors in advanced ovarian cancer treatment. The guidelines recommend myChoice CDx for women with specific BRCA mutations and genomic instability to guide therapy. ASCO's endorsement follows several studies aimed at improving outcomes for ovarian cancer patients. The American Cancer Society estimates 21,750 new ovarian cancer cases and 13,940 deaths in 2020, highlighting the test's potential impact on patient care.

Myriad Genetics, Inc. (NASDAQ: MYGN) has appointed Paul J. Diaz as President and CEO, effective August 13, 2020. Mr. Diaz, with over 30 years in healthcare leadership, aims to lead the company's growth and enhance patient care. His experience includes over a decade as CEO of Kindred Healthcare, where he expanded the business significantly. The Board expressed confidence in his vision and operational skills, emphasizing the importance of high-quality patient care and innovative services. This leadership change is expected to support Myriad's mission of transforming patients' lives through molecular diagnostics.

Myriad Genetics reported fiscal Q4 2020 revenues of $93.2 million, with diluted EPS of ($0.74) and adjusted EPS of ($0.31). Following significant declines in test volumes due to COVID-19, the company observed a recovery, with volumes at about 75% of pre-pandemic levels by late June. Despite this rebound, Myriad did not provide guidance for fiscal 2021 due to uncertainty related to the pandemic. Recent achievements include FDA approval for the myChoice CDx® test and the launch of a cognitive ChatBOT for patient assistance.

Myriad Genetics (NASDAQ: MYGN) revealed in a study published in Genetics in Medicine that traditional ethnicity-based screening protocols identify only 23% of carriers for genetic conditions. The study analyzed 93,419 individuals, highlighting a significant disconnect between self-reported ethnicity and true genetic ancestry. Researchers advocate for expanded carrier screening (ECS) for all individuals, regardless of ethnicity, to better identify at-risk couples. This shift is crucial as current guidelines may overlook many carriers, potentially impacting the health outcomes of future pregnancies.

Myriad Genetics (NASDAQ: MYGN) will hold its fiscal Q4 2020 sales and earnings conference call on August 13, 2020, at 4:30 p.m. EDT. Interim CEO R. Bryan Riggsbee and Senior VP Scott Gleason will discuss the company’s financial performance and provide a business update. Interested parties can join via phone at 1-800-381-7839 or international at +1-212-239-2905, referencing reservation number 21966478. A live webcast and slide presentation will also be available on their website. A replay will be accessible for seven days post-call.

Myriad Genetics (NASDAQ: MYGN) announced that Medicare has expanded coverage for BRACAnalysis CDx for men with prostate cancer eligible for Lynparza treatment. This makes BRACAnalysis CDx the only germline test covered for this indication. With 191,930 new prostate cancer cases yearly, this test helps identify hereditary forms, potentially improving treatment outcomes. The FDA approved BRACAnalysis CDx as a companion diagnostic for men with metastatic castration-resistant prostate cancer (mCRPC), confirming its clinical importance for patient treatment decisions.