Myriad Genetics (MYGN) and GSK Unite to Boost HRD Testing – Zacks Investment Research

Myriad Genetics, Inc. (MYGN Quick QuoteMYGN - Free Report) recently announced a collaboration with GSK plc (GSK Quick QuoteGSK - Free Report) to advance in the field of genetic testing. The latest development is intended to improve access to homologous recombination deficiency (HRD) diagnostic testing for high-grade ovarian cancer (HGSOC) patients.

With this alliance, Myriad's MyChoice HRD Plus and MyChoice CDx Plus Tests, collectively known as Myriad's MyChoice Tests, are now part of a new sponsored testing program that is accessible in Argentina, Brazil, Chile, Colombia, Egypt, Netherlands, Saudi Arabia, Singapore, and the United Arab Emirates.

Per a report by the American Cancer Society, ovarian cancer is one of the leading causes of cancer deaths among women. Approximately 1 in 87 women may develop ovarian cancer in their lifetime. About 1 in 130 people may die from ovarian cancer in her lifetime. Most women with ovarian cancer are diagnosed at 63 years or above.

For patients with ovarian cancer, HRD testing is a crucial prognostic and predictive biomarker. Myriads MyChoice Tests determine HRD status in women with ovarian cancer. Clinicians can order this test through their local pathology labs, and samples are sent to Myriad Genetics.

This partnership with GSK satisfies a common need for patients who might not otherwise have access to testing and fulfills the commitments of both companies to enhance care for patients with advanced ovarian cancer by providing access to genetic testing.

The most detailed tumor test for assessing HRD status is Myriad's MyChoice test, which uses its unique algorithm to examine genomic changes in genes like BRCA1 and BRCA2 as well as the status of the Genomic Instability Score. It makes it possible for medical practitioners to determine which patients have advanced ovarian cancer and who will benefit most from focused therapy.

Per a report by Grand View Research, the global ovarian cancer diagnostics market was estimated to be $1.2 billion in 2018 and is expected to witness a CAGR of 6.2% from 2019 to 2026.

Given the market potential, the collaboration between Myriad Genetics and GSK is likely to benefit both companies to generate additional revenues.

In June, Myriad Genetics announced the addition of a new Universal Plus Panel to itsForesight Carrier Screen. The panel includes 39 conditions and screens up to 272 genes associated with severe inherited conditions.

In May, MYGN and QIAGEN announced their collaboration for developing a globally distributable kit-based test for analyzing HRD status. The next-generation sequencing test aims to support research into personalized medicine in multiple solid tumor types, including ovarian cancer. It is expected to enhance decentralized testing capacities once a regulated product is developed with pharmaceutical partners.

For the past six months, MYGNs shares have gained 18% compared with the industrys rise of 0.6%. The S&P 500 increased 10% in the same time frame.

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MYGN carries a Zacks Rank #3 (Hold) at present.

A couple of better-ranked stocks in the broader medical space that have announced quarterly results are DaVita(DVA Quick QuoteDVA - Free Report) andBoston Scientific Corporation(BSX Quick QuoteBSX - Free Report) .

DaVita, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 13.6%. DVAs earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 29.4%. You can seethe complete list of todays Zacks #1 Rank (Strong Buy) stocks here.

DaVitas shares have gained 44% compared with theindustrys 20.4% rise in the past year.

Boston Scientific reported first-quarter 2024 adjusted earnings per share of 56 cents, which beat the Zacks Consensus Estimate by 9.8%. Revenues of $3.86 billion surpassed the Zacks Consensus Estimate by 4.9%. It currently carries a Zacks Rank #2.

Boston Scientific has a long-term estimated growth rate of 12.5%. BSXs earnings surpassed estimates in the trailing four quarters, the average surprise being 7.5%.

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Myriad Genetics (MYGN) and GSK Unite to Boost HRD Testing - Zacks Investment Research