Myriad Genetics Inc - MYGN STOCK NEWS

Myriad Genetics (NASDAQ: MYGN), a leader in genetic testing and precision medicine, has achieved the Great Place To Work Certification for the second consecutive year. This distinction is based on employee feedback, with 84% of employees endorsing it as a great workplace—27% higher than the average U.S. company. The certification highlights Myriad's commitment to a positive, inclusive work environment and employee satisfaction. Chief People Officer Shereen Solaiman emphasized the company's dedication to fostering growth and collaboration.

A recent survey by Myriad Genetics reveals that 40% of Americans report feeling 'depressed and/or anxious' during the election season. The GeneSight® Mental Health Monitor: Special Election Series indicates that politics and elections significantly impact mental wellbeing. Nearly 38% of Americans feel increased anxiety due to election-related news and social media, and 35% feel overwhelmed by it. Despite this, only 37% of those diagnosed with depression or anxiety are currently receiving professional mental health treatment. The GeneSight test aids clinicians in understanding how patients metabolize and respond to medications for mental health conditions. Myriad Genetics plans to conduct two more surveys in September and October to further examine the election's impact on mental health.

Myriad Genetics (NASDAQ: MYGN) has partnered with GSK to enhance access to homologous recombination deficiency (HRD) diagnostic testing for high-grade serous ovarian cancer (HGSOC) patients. The new sponsored program utilizes Myriad's MyChoice HRD Plus and MyChoice CDx Plus Tests and is available in nine countries, including Argentina, Brazil, Chile, Colombia, Egypt, Netherlands, Saudi Arabia, Singapore, and the UAE. This initiative seeks to improve patient care by providing vital genetic insights to guide personalized treatment decisions. The collaboration underscores both companies' dedication to healthcare equity and expanding diagnostic solutions to underserved markets.

Myriad Genetics (NASDAQ: MYGN) has introduced a new Universal Plus Panel to its Foresight® Carrier Screen. The panel includes 39 conditions and screens up to 272 genes related to serious inherited conditions. These additions align with the American College of Medical Genetics and Genomics (ACMG) guidelines, which recommend expanded carrier screening for individuals who are pregnant or planning to become pregnant. The updated panel uses next-generation sequencing (NGS) and other technologies to identify pathogenic variants across diverse ancestries. This enhanced screening tool aims to provide comprehensive genetic insights to support informed family planning decisions. Additionally, the Foresight carrier screen offers a detailed report and on-demand genetic counseling resources.

Myriad Genetics (NASDAQ: MYGN) announced that a new study published in Genetics in Medicine validates its breast cancer risk assessment tool, RiskScore®, integrated into the MyRisk® Hereditary Cancer Test.

The study, examining over 130,000 women, revealed that RiskScore, which combines a polygenic risk score (PRS) for all ancestries with the Tyrer-Cuzick model, improves predictive accuracy by approximately two-fold compared to Tyrer-Cuzick alone.

This enhancement allows for better stratification of women into high- or low-risk categories for developing breast cancer, which could lead to more precise surveillance strategies.

Myriad states that RiskScore's superior calibration and discrimination, as demonstrated in a large, real-world dataset, define a significant advancement in clinical breast cancer risk assessment.

QIAGEN and Myriad Genetics have announced a new globally distributable kit-based test for analyzing Homologous Recombination Deficiency (HRD) status, using next-generation sequencing technology. This test aims to support personalized medicine research in solid tumors, particularly ovarian cancer, and enhance decentralized testing capacities. The test combines QIAGEN’s QIAseq xHYB technology and Digital Insight solutions with Myriad's FDA-approved MyChoice CDx biomarkers. The collaboration is built on a master agreement between the two companies, aiming to improve global access to HRD testing and thereby benefit cancer patients through tailored treatments.

Key highlights include the use of Genome Instability Score (GIS) to identify ovarian cancer patients for targeted treatments and the planned global distribution of the kit by QIAGEN. The partnership is expected to shorten therapy decision times and reduce costs. QIAGEN holds over 30 master collaboration agreements for companion diagnostics, underscoring their significant role in advancing precision medicine.

Myriad Genetics will present data from seven studies at the 2024 ASCO Annual Meeting, focusing on breast cancer risk assessment and various innovative tests like the Precise™ MRD Test and MyChoice® CDx HRD Companion Diagnostic Test. Key presentations include the efficacy of Myriad’s RiskScore in predicting triple-negative breast cancer in Black women and the effectiveness of neoadjuvant combination therapy for advanced ovarian cancer. Myriad is also expanding its oncology portfolio with new products and research collaborations, and plans to launch commercial MRD and liquid biopsy testing by 2025. The MCRR registry, comprising data from over one million patients, supports transparent clinical data sharing.

Myriad Genetics (NASDAQ: MYGN) announced that JCO Precision Oncology published a study on their Prolaris test, which can predict the benefit of adding androgen deprivation therapy (ADT) to radiation therapy (RT) in men with localized prostate cancer.

The study, presented at the 2023 ASCO Annual Conference, used the clinical cell-cycle risk (CCR) score from Prolaris to determine that patients with a CCR score below the multimodal threshold see only a 0.86% average reduction in 10-year metastasis risk with ADT+RT. In contrast, those above the threshold see an 8.19% reduction.

85% of patients tested had a CCR score below this threshold suggesting minimal added benefit from ADT, prompting potential reconsideration of its use due to the side effects like bone loss and cardiovascular risk.

Myriad Genetics reported strong first quarter 2024 financial results, with 12% revenue growth year-over-year, improved net loss, and positive adjusted EBITDA. Revenue from core products like Hereditary Cancer, Prenatal, and Pharmacogenomics drove the growth. The company also announced reorganization and sale of its EndoPredict business in Europe. Test volumes increased by 9% year-over-year, with gross margin improving by 70 basis points. Operating expenses decreased, resulting in an improved operating loss. Oncology and Women's Health segments showed revenue growth, with significant market share gains in hereditary cancer and prenatal testing. GeneSight test revenue in pharmacogenomics also increased. Myriad Genetics maintained its financial guidance for 2024.