Myriad Genetics (NASDAQ:MYGN) recently released positive study outcome on Prolaris. The primary finding is that Prolaris can accurately identify which patient with intermediate or high-risk prostate cancer can be treated with multi-modality therapy and who can safely avoid such a treatment.
Prolaris is a genetic test designed by Myriad Genetics, which is equipped to directly measure tumor cell growth. The test combined with both prostate-specific antigen and Gleason can assess the degree of aggressiveness of a patient’s individual prostate cancer.
The study results show major progress in the company’s Oncology business.
More on the Study
The investigators studied 718 men with intermediate or high-risk prostate cancer. In the study, patients with a Prolaris score of greater than 2.112 (who are considered above the high-risk threshold), which constituted nearly 44% of the men in the study, were found to have significantly benefited from multi-modality therapy, which led to mitigation in the risk of metastases. Patients below the high-risk threshold were found to have received no benefit from multi-modality therapy, implying that such patients may opt for additional treatment.
Market Prospects
Per OMRglobal.com, the prostate cancer treatment market is likely to see a CAGR of 10.2% during 2017-2022. Hence, the study results come at an opportune moment.
Recent Development
Lately, the company has been taking steps to boost its portfolio of prostate cancer treatment.
In January 2020, Myriad Genetics submitted a supplementary premarket approval (sPMA) application to the FDA for its BRACAnalysis CDx test to be used as a companion diagnostic to AstraZeneca’s and Merck’s PARP inhibitor Lynparza (olaparib) to treat men with metastatic castration-resistant prostate cancer.
Price Performance
In the past year, the stock has underperformed its industry. The stock has lost 38.3%, compared with the industry’s 3.8% decline.
Zacks Rank & Stocks Worth a Look
Myriad Genetics currently has a Zacks Rank #4 (Sell).
A few better-ranked stocks from the broader medical space are Hill-Rom (NYSE:HRC) , Stryker (NYSE:SYK) and ResMed (NYSE:RMD) . While ResMed sports a Zacks Rank #1 (Strong Buy), the other two carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Hill-Rom has a projected long-term earnings growth rate of 11.1%.
Stryker has an expected long-term earnings growth rate of 9.9%.
ResMed has a long-term earnings growth rate of 11.9%.
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Myriad Genetics, Inc. (MYGN): Free Stock Analysis Report
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