Welcome to our dedicated page for Myriad Genetics news (Ticker: MYGN), a resource for investors and traders seeking the latest updates and insights on Myriad Genetics stock.
Myriad Genetics Inc. (NASDAQ: MYGN) is a pioneering company in the field of personalized medicine, dedicated to transforming patient lives worldwide with advanced molecular diagnostics. With a mission to be a trusted advisor in health, Myriad Genetics excels in discovering and commercializing diagnostic tests that:
- Determine the risk of developing various diseases
- Accurately diagnose existing conditions
- Assess the risk of disease progression
- Guide treatment decisions across six major medical specialties
Among its notable products are:
- MyRisk: A 48-gene panel capable of identifying elevated risks for 11 types of cancer.
- BRACAnalysis CDx: FDA-approved companion diagnostic for PARP inhibitors.
- GeneSight: Helps optimize psychotropic drug responses for patients with depression.
- Prequel: A noninvasive prenatal test.
Myriad Genetics is also renowned for Precise Oncology Solutions, launched in 2022, which integrates Precise Tumor with companion diagnostic and prognostic tests such as MyChoice CDx, Prolaris, and EndoPredict.
The company focuses on three strategic imperatives:
- Leadership in hereditary cancer market
- Diversification of product portfolio through new introductions
- International market expansion
Recent achievements include restructuring European operations to better align resources domestically while partnering internationally. This strategy includes agreements with Eurobio Scientific for the sale and licensing of EndoPredict and Prolaris outside the U.S.
Financially, Myriad Genetics reported a strong first quarter in 2024, with double-digit revenue growth, significant reduction in net loss, and positive adjusted EBITDA. The company attributes its success to gains in its hereditary cancer and prenatal testing markets, expanded coverage, and improvements in revenue cycle management.
Key recent developments and upcoming events include:
- Participation in four upcoming healthcare investor conferences
- Sharing data from seven studies at the 2024 ASCO Annual Meeting
- Introduction of the Universal Plus Panel to its Foresight® Carrier Screen
To stay informed about Myriad Genetics’ continuous advancements and contributions to healthcare, visit www.myriad.com.
Myriad Genetics (NASDAQ: MYGN) has formed a strategic collaboration with Intermountain Precision Genomics to enhance global precision oncology care. This venture integrates Myriad’s advanced genetic testing capabilities with Intermountain's laboratory services, launching a comprehensive offering of germline genetic testing and somatic tumor profiling expected to be available in late 2021. The collaboration includes Myriad's myRisk® and myChoice® CDx tests, supported by major insurance payers, aiming to provide complete genetic analysis for oncologists.
Myriad Genetics (MYGN) reported a 6% sequential revenue increase to $154.6 million for the quarter ending December 31, 2020, despite a 21% year-over-year decline. Test volumes rose 7% sequentially to 224,000, with adjusted EPS improving to ($0.12). The company signed an in-network agreement with Anthem Blue Cross Blue Shield, enhancing access for genetic tests. The business transformation plan includes focusing on women’s health, oncology, and mental health, while divesting less strategic units. Myriad did not provide financial guidance due to COVID-19 uncertainties.
Myriad Genetics (MYGN) announced new technology and healthcare leaders joining the company to drive transformation and growth. Key promotions include Kevin R. Haas as Chief Technology Officer and Faith Zaslavsky as President of Myriad Oncology. New executives include Maggie Ancona, David Hammer, Chris Williamson, Edward Gala, Karen Renner, Jackie Zou, and Justin Hunter. The company aims to enhance its operational excellence and strategic initiatives. Myriad was also recognized as a top workplace in the health industry, ranking first in cultural excellence and innovation.
Myriad Genetics (NASDAQ: MYGN) announced its upcoming quarterly earnings call for the period ending December 30, 2020, scheduled for 4:30 p.m. EST on February 23, 2021. The call will include insights from Paul J. Diaz, President and CEO, and R. Bryan Riggsbee, CFO, regarding the company's financial performance and business developments. Investors can participate via dial-in or live webcast. Following the call, an archived replay will be available for seven days.
Myriad Genetics has announced additional data from a study validating the effectiveness of its Prolaris test in determining treatment paths for men with prostate cancer. The study, presented at the ASCO-GU symposium, indicates Prolaris can identify patients who require intensive therapy versus those who can be monitored. With an estimated 248,530 prostate cancer cases expected in the U.S. this year, the test helps avoid overtreatment. Approximately 60% of men with prostate cancer have insurance coverage for Prolaris, reflecting the company's commitment to expanding access.
Myriad Genetics, a leader in genetic testing, will participate in key health and technology conferences in February and March 2021. Executives Paul J. Diaz and R. Bryan Riggsbee will host fireside chats at the BTIG Virtual Conference on February 19, the Leerink Global Healthcare Conference on February 24, and the Cowen Annual Healthcare Conference on March 2. These discussions will focus on enhancing services in Women's Health, Oncology, and Mental Health. Live audio webcasts will be available on Myriad's website.
Myriad Genetics (NASDAQ:MYGN) announced a new analysis published in Psychiatry Research highlighting the effectiveness of its GeneSight® Psychotropic test. The study shows that the combinatorial approach of the GeneSight test outperforms single-gene testing in predicting patient outcomes and medication blood levels for depression and anxiety treatments. The analysis utilized data from the GUIDED trial, revealing higher response rates when patients switched to medications with moderate or no gene-drug interactions. This work underscores the potential of GeneSight as a standard-of-care tool in psychiatric treatment.
Myriad Genetics (NASDAQ: MYGN) announced a strategic collaboration with Illumina to create a kit-based version of the myChoice® companion diagnostic test for international markets.
This partnership aims to enhance access to innovative oncology solutions, improving patient outcomes by utilizing next-generation sequencing in tumor profiling.
myChoice CDx is the only extensively validated diagnostic test for predicting responses to PARP inhibitors in various cancers and has recently received CE Marking and Japanese regulatory approval.
Myriad Genetics has completed a strategic review to enhance its focus on Women’s Health, Oncology, and Mental Health. The company is pursuing strategic alternatives for its Autoimmune business and realigning international operations to streamline costs and improve growth. This includes focusing on high-growth markets like Germany, France, and Japan, with an expected cost savings of $5 million upon full implementation. Recent developments include a positive reimbursement decision in Germany for the EndoPredict test and increased revenue from the BRACAnalysis CDx test in Japan.
Myriad Genetics (NASDAQ: MYGN) will present its transformation and growth initiatives at the 39th Annual J.P. Morgan Healthcare Conference, scheduled for January 11, 2021, at 2:50 p.m. EST. CEO Paul J. Diaz will focus on how the company is leveraging precision medicine to enhance patient care and lower healthcare costs. The event will be accessible via a live audio webcast on Myriad's website, aiming to shed light on key opportunities to improve diagnostics and treatment strategies.
FAQ
What is the current stock price of Myriad Genetics (MYGN)?
What is the market cap of Myriad Genetics (MYGN)?
What does Myriad Genetics Inc. specialize in?
What are some key products offered by Myriad Genetics?
What recent strategic changes has Myriad Genetics made?
How did Myriad Genetics perform financially in the first quarter of 2024?
What are the strategic imperatives of Myriad Genetics?
Which new panel has Myriad Genetics recently introduced?
What is Myriad Genetics' approach to oncology?
Where can I find more information about Myriad Genetics?
What is the purpose of the MyRisk test?
How does Myriad Genetics support mental health treatment?
