Myriad Genetics, Inc. (MYGN – Free Report) recently announced the launch of UroSuite, a comprehensive suite of genetic risk assessment tests covering all stages of prostate cancer care. The UroSuite includes the company’s Prolaris prostate cancer test, MyRisk hereditary cancer test, BRACAnalysis CDx, and accurate tumor molecular profiling test.
The latest launch is expected to significantly boost Myriad Genetics’ Oncology business, which is part of the broader molecular diagnostic testing segment.
Significance of launch
UroSuite’s combination of tests should provide integrated genetic information and facilitate therapy customization and clinical trial selection for patients.
According to an expert familiar with the tests, the education and utilization gaps in the uptake of genetic testing in prostate cancer are likely to be mitigated, as clinicians should now have access to tools that can help them with turnaround times and interpretation of reports. This will likely align with national genetic testing guidelines.
According to management, the launch of UroSuite underscores the company’s commitment to advancing the health and well-being of all through a set of testing solutions for prostate cancer care, better support and better access to genetics and cancer specialists.
According to a report by Allied Market Research, the Global Cancer Diagnostics Market was valued at $168,600.04 Million in 2020 and is projected to reach $280,590.21 Million by 2028 with a CAGR of 6.9 %. Factors such as increasing incidence and prevalence of various cancers and advancements in technology are likely to drive the market.
Given the market potential, the latest launch is expected to significantly strengthen Myriad Genetics’ business globally.
This month, Myriad Genetics announced that JCO Precision Oncology has published a study highlighting the development and validation of a polygenic breast cancer risk score for women of all backgrounds.
That 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 results for the third quarter of 2022, where it recorded robust growth in its testing volumes. Hereditary cancer testing volume continued to improve in 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 to the industry’s 24.1% decline and the S&P 500’s 16.4% plunge.
Image source: Zacks Investment Research
Zacks Ranking and Stocks to Consider
Currently, Myriad Genetics carries a Zacks rank #4 (sale).
Some top-ranked actions in the broader medical field are AMN Healthcare Services, Inc. (AMN – free report), ShockWave Medical, Inc. (TO CRUSH – free report) and McKesson Corporation (MCK – free report).
AMN Healthcare, which currently holds the No. 2 Zacks ranking (buy), has an estimated long-term growth rate of 3.3%. AMN’s earnings have exceeded the Zacks consensus estimate for the past four quarters, averaging 10.9%.
You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AMN Healthcare gained 1.4% against the industry’s 36.1% decline over the past year.
ShockWave Medical, currently ranked No. 2 in Zacks, has an estimated growth rate of 23.6% for 2023. SWAV’s earnings have exceeded estimates for the past four quarters, averaging 146.1%.
ShockWave Medical gained 20% compared to the industry’s decline of 27.9% over the past year.
McKesson, currently carrying Zacks rank No. 2, has an estimated long-term growth rate of 10.1%. MCK’s earnings beat estimates in two of the last four quarters and missed the same in the other two, averaging 4.8%.
McKesson gained 60.5% against the industry’s 13.2% decline over the past year.
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