Myriad Genetics, Inc. MYGN has been dominating the headlines on favorable results from a large study of the myRisk Hereditary Cancer test. Notably, the results were featured during the poster presentation at the 2018 Genitourinary Cancer Symposium in San Francisco, CA.
Results from the 1,162-patient study confirmed that more than 12% of men with prostate cancer had an inherited (i.e. hereditary) mutation in a cancer-causing gene. Per management, going by the results from the study, it is important to expand the use of genetic testing in men, diagnosed with prostate cancer consistent, with existing professional medical guidelines.
Management further added that the study results prove that the percentage of women with breast cancer and carrying hereditary cancer-causing mutations are the same as that of percentage of men with prostate cancer and carrying mutations.
Per the company, prostate cancer is the most commonly diagnosed and second leading cause of cancer death among American men. Going by the Cancer Facts & Figures 2018 report by the American Cancer Society, 164,690 men will be diagnosed with prostate cancer in 2018. The report also states that roughly 2.9 million American men are presently suffering from prostate cancer.
Myriad Genetics also stated that the global market for myRisk Hereditary Cancer along with other types of hereditary cancer tests is worth roughly $5 billion annually. In view of such data, we believe favorable results may boost the company's customer base and top line to a great extent.
Furthermore, the company has been leaving no stone unturned to strengthen its hold in the same. In this regard, last December, Myriad Genetics presented favorable riskScore test data at the 2017 San Antonio Breast Cancer Symposium (SABCS) in Texas. In September 2017, the company introduced riskScore under its myRisk Hereditary Cancer testing portfolio and also presented encouraging riskScore test data. It also announced favorable study results for its myRisk Hereditary Cancer suite.
Moreover, the recently-reported second quarter of fiscal 2018 marked the fourth consecutive quarter with year-over-year Hereditary cancer volume growth led by encouraging response to the latest riskScore test under its myRisk Hereditary Cancer testing portfolio. Thus, we believe encouraging data from the study may drive the uptake of myRisk Hereditary Cancer test.
Myriad Genetics has been gaining investor confidence on consistently positive results. Over the past six months, the company's share price has outperformed the industry . The stock has gained 19.2%, as against the industry's 6.2% decline.
Zacks Rank & Key Picks
Myriad Genetics carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical sector are PerkinElmer PKI , Bio-Rad Laboratories BIO and Becton, Dickinson and Company BDX .
Bio-Rad Laboratories has a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. The company has a long-term expected earnings growth rate of 25%.
PerkinElmer has a long-term expected earnings growth rate of 12.3%. The stock carries a Zacks Rank #2.
Becton, Dickinson and Company has a Zacks Rank #2. The company has a long-term expected earnings growth rate of 13.3%.
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