Myriad Genetics Stock Price, News & Analysis

Myriad Genetics (NASDAQ: MYGN) announced that a new study published in Genetics in Medicine validates its breast cancer risk assessment tool, RiskScore®, integrated into the MyRisk® Hereditary Cancer Test.

The study, examining over 130,000 women, revealed that RiskScore, which combines a polygenic risk score (PRS) for all ancestries with the Tyrer-Cuzick model, improves predictive accuracy by approximately two-fold compared to Tyrer-Cuzick alone.

This enhancement allows for better stratification of women into high- or low-risk categories for developing breast cancer, which could lead to more precise surveillance strategies.

Myriad states that RiskScore's superior calibration and discrimination, as demonstrated in a large, real-world dataset, define a significant advancement in clinical breast cancer risk assessment.

QIAGEN and Myriad Genetics have announced a new globally distributable kit-based test for analyzing Homologous Recombination Deficiency (HRD) status, using next-generation sequencing technology. This test aims to support personalized medicine research in solid tumors, particularly ovarian cancer, and enhance decentralized testing capacities. The test combines QIAGEN’s QIAseq xHYB technology and Digital Insight solutions with Myriad's FDA-approved MyChoice CDx biomarkers. The collaboration is built on a master agreement between the two companies, aiming to improve global access to HRD testing and thereby benefit cancer patients through tailored treatments.

Key highlights include the use of Genome Instability Score (GIS) to identify ovarian cancer patients for targeted treatments and the planned global distribution of the kit by QIAGEN. The partnership is expected to shorten therapy decision times and reduce costs. QIAGEN holds over 30 master collaboration agreements for companion diagnostics, underscoring their significant role in advancing precision medicine.

Myriad Genetics will present data from seven studies at the 2024 ASCO Annual Meeting, focusing on breast cancer risk assessment and various innovative tests like the Precise™ MRD Test and MyChoice® CDx HRD Companion Diagnostic Test. Key presentations include the efficacy of Myriad’s RiskScore in predicting triple-negative breast cancer in Black women and the effectiveness of neoadjuvant combination therapy for advanced ovarian cancer. Myriad is also expanding its oncology portfolio with new products and research collaborations, and plans to launch commercial MRD and liquid biopsy testing by 2025. The MCRR registry, comprising data from over one million patients, supports transparent clinical data sharing.

Myriad Genetics (NASDAQ: MYGN) announced that JCO Precision Oncology published a study on their Prolaris test, which can predict the benefit of adding androgen deprivation therapy (ADT) to radiation therapy (RT) in men with localized prostate cancer.

The study, presented at the 2023 ASCO Annual Conference, used the clinical cell-cycle risk (CCR) score from Prolaris to determine that patients with a CCR score below the multimodal threshold see only a 0.86% average reduction in 10-year metastasis risk with ADT+RT. In contrast, those above the threshold see an 8.19% reduction.

85% of patients tested had a CCR score below this threshold suggesting minimal added benefit from ADT, prompting potential reconsideration of its use due to the side effects like bone loss and cardiovascular risk.

Myriad Genetics reported strong first quarter 2024 financial results, with 12% revenue growth year-over-year, improved net loss, and positive adjusted EBITDA. Revenue from core products like Hereditary Cancer, Prenatal, and Pharmacogenomics drove the growth. The company also announced reorganization and sale of its EndoPredict business in Europe. Test volumes increased by 9% year-over-year, with gross margin improving by 70 basis points. Operating expenses decreased, resulting in an improved operating loss. Oncology and Women's Health segments showed revenue growth, with significant market share gains in hereditary cancer and prenatal testing. GeneSight test revenue in pharmacogenomics also increased. Myriad Genetics maintained its financial guidance for 2024.

Myriad Genetics, Inc., a genetic testing and precision medicine company, announced the reorganization of its European operations and the sale of its EndoPredict business to Eurobio Scientific. The company will continue to serve key biopharma partners and patients outside the U.S. by licensing the right to sell Prolaris in vitro diagnostic kits to Eurobio. Myriad will also retain the rights to produce and sell EndoPredict in the U.S. as part of its Precise Oncology Solutions. The deal aims to accelerate profitable growth and support biopharma partners efficiently.

Myriad Genetics, Inc. (NASDAQ: MYGN) is set to release its first quarter 2024 financial results on May 7, 2024. Management will provide a financial overview and business update during the earnings conference call. Additionally, the company will participate in several upcoming investor healthcare conferences. Investors can access live webcasts of the events on Myriad's Investor Relations website.