In This Article:
Myriad Genetics, Inc.’s MYGN MyRisk Hereditary Cancer Test with RiskScore study has been named as one of its top 10 significant advances in genomic medicine by the American Journal of Human Genetics. The study was selected by the Genomic Medicine Working Group at the National Human Genome Research Institute.
The all-in-one MyRisk with RiskScore test evaluates 48 genes associated with hereditary cancer risk to identify genetic changes associated with increased risk for 11 different cancers. According to the company, the latest development underscores the clinical significance of the validation research from the study and the predictive accuracy of RiskScore.
MYGN Stock’s Likely Trend Following the News
After the announcement yesterday, Myriad Genetic shares edged up 0.8% in the after-hours trading. With MyRisk expected to continue its strong growth from expanded guidelines and acceleration of EMR integrations, we expect the latest news to positively boost the market sentiment toward MYGN stock.
Myriad Genetics has a market capitalization of $1.21 billion. The Zacks Consensus Estimate projects the company’s 2024 earnings to increase by 144.4%. It delivered an average earnings beat of 247.73% in the trailing four quarters.
More on MYGN’s RiskScore Study
The study by Mabey et al., “Validation of a clinical breast cancer risk assessment tool combining a polygenic score for all ancestries with traditional risk factors,” presented a longitudinal clinical validation of MyRisk with RiskScore using data from more than 130,000 women referred for hereditary cancer genetic testing. RiskScore integrates a polygenic risk score (PRS) for all ancestries with the widely used Tyrer-Cuzick model. The study demonstrated that Myriad’s PRS is a more accurate predictor of breast cancer risk than Tyrer-Cuzick alone. RiskScore delivered two times the ability to predict breast cancer risk than the Tyrer-Cuzick model.
Image Source: Zacks Investment Research
Myriad Genetics was one of the first commercial laboratories to market with a multi-ancestry breast cancer PRS, driven by its mission to advance health equity and deliver more inclusive genetic insights. Expressing gratitude for the recognition, the Chief Scientific Officer at MYGN stated that the selection of their paper as a major advance will continue to drive the adoption of RiskScore by providers and guideline societies.
Industry Prospects Favoring MYGN
Per a research report, the global hereditary cancer testing market was valued at $3.5 billion in 2021 and is expected to grow at a compound annual rate of 11.6% through 2031. The increasing geriatric population, a surge in the incidence of cancer worldwide and an increase in the government expenditure on healthcare are some of the main factors fueling the market’s growth.