Myriad Genetics, Inc. MYGN has announced a strategic partnership with jscreen, a national organization focused on genetic education and preventative testing for high-risk populations.
This collaboration merges Myriad’s advanced hereditary cancer and reproductive genetic products, MyRisk with RiskScore and Foresight Carrier Screen, with jscreen’s well-established education and care navigation platform. Through this alliance, the organizations aim to reach hundreds of thousands of individuals across the United States, offering targeted outreach, genetic screenings and educational events.
MYGN Stock Movement Following the News
Following the news, shares of MYGN fell 2.5% to $23.33 at yesterday’s closing.
Shares of MYGN have risen 21.8% year to date against the industry’s 1.1% fall. The S&P 500 has risen 22.5% in the same time frame.
Despite the recent price decline, Myriad Genetics' strategic partnership with jscreen signals potential for an upside. This collaboration strengthens Myriad’s position as a leader in genetic testing by expanding access to its high-quality hereditary cancer and reproductive genetics products. This partnership enhances Myriad’s ability to serve high-risk populations, driving future growth and creating value through improved healthcare outcomes and wider market access, which is encouraging for investors.
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Significance of Myriad Genetics Partnership With jscreen
By prioritizing education, accessibility and testing convenience, the collaboration supports personalized care and informed medical decision-making, empowering more people to understand and manage their hereditary cancer and reproductive risks. The joint efforts of Myriad and jscreen highlight their shared mission to provide equitable, life-saving genetic testing on a broader scale.
Management emphasized that collaboration with jscreen is crucial for enhancing patient care and providing equitable access to high-quality genetic testing. jscreen even emphasized that Myriad’s quality and service align with its standards, positioning them to expand their support for more individuals through life-saving preventative genetics. As a pioneer in telegenetics, jscreen has been raising awareness and improving access to carrier screening and hereditary cancer testing for over a decade.
Market Prospects Favoring MYGN
Per a report in Precedence Research, the global genetic testing market size is estimated to be worth $21.9 billion in 2024. It is anticipated to reach $65 billion by 2034 at a CAGR of 11.5%.
The robust growth is likely to be driven by the rising prevalence of chronic diseases and technological advancements resulting in the development of efficient and innovative genetic testing kits. Rising awareness about the benefits of genetic testing is boosting its adoption.
Recent Development at Myriad Genetics
This month, Myriad Genetics partnered with Flatiron Health to integrate Myriad’s MyRisk Hereditary Cancer Test into Flatiron’s OncoEMR platform, allowing 4,200 providers at over 800 United States cancer care locations to order and access test results easily. This collaboration streamlines germline testing workflows, facilitating personalized treatment decisions and improving turnaround times, ultimately enhancing patient care.
Zacks Rank & Key Picks
Currently, Myriad Genetics carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Addus HomeCare ADUS, Quest Diagnostics (DGX) and RadNet (RDNT). While Addus HomeCare carries a Zacks Rank #1 (Strong Buy), Quest Diagnostics and RadNet carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Addus HomeCare has an estimated long-term growth rate of 12.1%. ADUS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 11.5%.
Addus HomeCare shares have gained 85.5% compared with the industry's 16.9% growth year to date.
Quest Diagnostics has an estimated long-term growth rate of 6.8%. DGX's earnings surpassed estimates in each of the trailing four quarters, with the average being 3.3%.
Quest Diagnostics has gained 42% compared with the industry's 14.9% growth year to date.
RadNet’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 98.2%.
RDNT's shares have surged 93.7% year to date compared with the industry’s 14.8% growth.
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