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, Inc. (NASDAQ: MYGN) has appointed Paul J. Diaz as President and CEO, effective August 13, 2020. Mr. Diaz, with over 30 years in healthcare leadership, aims to lead the company's growth and enhance patient care. His experience includes over a decade as CEO of Kindred Healthcare, where he expanded the business significantly. The Board expressed confidence in his vision and operational skills, emphasizing the importance of high-quality patient care and innovative services. This leadership change is expected to support Myriad's mission of transforming patients' lives through molecular diagnostics.
Myriad Genetics reported fiscal Q4 2020 revenues of $93.2 million, with diluted EPS of ($0.74) and adjusted EPS of ($0.31). Following significant declines in test volumes due to COVID-19, the company observed a recovery, with volumes at about 75% of pre-pandemic levels by late June. Despite this rebound, Myriad did not provide guidance for fiscal 2021 due to uncertainty related to the pandemic. Recent achievements include FDA approval for the myChoice CDx® test and the launch of a cognitive ChatBOT for patient assistance.
Myriad Genetics (NASDAQ: MYGN) revealed in a study published in Genetics in Medicine that traditional ethnicity-based screening protocols identify only 23% of carriers for genetic conditions. The study analyzed 93,419 individuals, highlighting a significant disconnect between self-reported ethnicity and true genetic ancestry. Researchers advocate for expanded carrier screening (ECS) for all individuals, regardless of ethnicity, to better identify at-risk couples. This shift is crucial as current guidelines may overlook many carriers, potentially impacting the health outcomes of future pregnancies.
Myriad Genetics (NASDAQ: MYGN) will hold its fiscal Q4 2020 sales and earnings conference call on August 13, 2020, at 4:30 p.m. EDT. Interim CEO R. Bryan Riggsbee and Senior VP Scott Gleason will discuss the company’s financial performance and provide a business update. Interested parties can join via phone at 1-800-381-7839 or international at +1-212-239-2905, referencing reservation number 21966478. A live webcast and slide presentation will also be available on their website. A replay will be accessible for seven days post-call.
Myriad Genetics (NASDAQ: MYGN) announced that Medicare has expanded coverage for BRACAnalysis CDx for men with prostate cancer eligible for Lynparza treatment. This makes BRACAnalysis CDx the only germline test covered for this indication. With 191,930 new prostate cancer cases yearly, this test helps identify hereditary forms, potentially improving treatment outcomes. The FDA approved BRACAnalysis CDx as a companion diagnostic for men with metastatic castration-resistant prostate cancer (mCRPC), confirming its clinical importance for patient treatment decisions.
Myriad Genetics (NASDAQ: MYGN) has launched its AMPLIFY™ technology, enhancing its Prequel™ noninvasive prenatal screening (NIPS) test. This improvement increases the fetal fraction of samples by 2.3 times compared to standard NIPS, significantly boosting accuracy in detecting chromosome abnormalities. In testing with over 1,000 women, false negatives for common aneuploidies improved by 45 times. AMPLIFY technology supports 99.9% sample results, making it a reliable choice for women, regardless of BMI or ethnicity. This positions Myriad to improve prenatal care equity.
Myriad Genetics (NASDAQ: MYGN) launched an upgraded Vectra test report that includes personalized estimates of a patient's one-year risk of rapid radiographic progression (RP) for rheumatoid arthritis (RA). This enhancement aims to improve treatment decisions for RA patients by providing individualized risk assessments based on age, gender, and adiposity. Current research shows that 42% of low to moderate risk patients may actually face high disease activity. The Vectra Score, measuring 12 serum biomarkers, can significantly guide medical management for better patient outcomes.
Myriad Genetics (MYGN) has elected Daniel M. Skovronsky, M.D., Ph.D., to its Board of Directors, expanding the board to ten members. Skovronsky, who brings significant expertise from Eli Lilly, will join the Research and Product Innovation Committee. In conjunction, long-time board member Walter Gilbert, Ph.D., co-founder of Myriad and a Nobel laureate, announced his retirement effective at the company's Annual Meeting in December 2020. Myriad emphasized Skovronsky's strategic insights in molecular diagnostics as critical for future growth while acknowledging Gilbert's contributions to the company.
Myriad Genetics (NASDAQ: MYGN) announced two significant publications validating its polygenic risk score (PRS) in breast cancer risk assessment. The studies confirm the PRS's ability to predict breast cancer risk in asymptomatic women and refine risk evaluations for those with known pathogenic mutations. The first study, involving over 150,000 women, found an odds ratio of 1.47 for breast cancer risk associated with the PRS. The second study highlighted the PRS's importance in managing patients with mutations in genes like BRCA1 and PALB2, showcasing varying lifetime risks significantly impacted by genetic factors.
Myriad Genetics, Inc. (NASDAQ: MYGN) has announced a collaboration with OptraHEALTH to introduce Gene™, an AI-powered chatbot for delivering genetic and financial information to patients. Gene™ can answer over 500,000 health-related questions, particularly about hereditary cancer. It complements Myriad's online hereditary cancer quiz, used by about one million individuals annually. The chatbot aims to streamline pre-test education and will be launched for Foresight® and Prequel™ tests later in the year, addressing challenges posed by COVID-19 in patient engagement.