Molecular diagnostics and personalized medicine major Myriad Genetics, Inc. MYGN achieved another milestone as its EndoPredict test got positive coverage decision from Palmetto GBA, a Medicare Administrative Contractor that assesses molecular diagnostic technologies.
Notably, EndoPredict is Myriad Genetics’ next-generation, multigene prognostic test for breast cancer. The test provides information to help doctors devise personalized treatment plans.
Following the full implementation of these decisions, Myriad Genetics will have coverage for over 90% of breast cancer patients post implementation of these decisions.
Considering that EndoPredict has been used clinically in more than 15,000 patients, we areconfident about the growing adaptability of this test post the Medicare coverage approval.
As per a report provided by GBI Research, the global breast cancer treatment market will reach a worth of $17.2 billion by 2021, at a CAGR of 7.3%. Thus, the company clearly has bountiful prospects in this market.
Also, we note that the company has recently received extended Medicare coverage for its Prolasis test.
In this regard we note that, for the past three months, Myriad Genetics has been trading above the broader industry. The stock has gained 32.2%, higher than the industry’s gain of 4.5%.
Recent Developments
Myriad Genetics announced that its BRACAnalysis CDx companion diagnostic test successfully identified BRCA-mutated patients with HER2- metastatic breast cancer in the OlympiAD trial who responded better to treatment with olaparib than standard chemotherapy.
Also, Myriad Genetics presented favorable findings from its BRACAnalysis CDx test which successfully identified patients with metastatic breast cancer in Phase 3 OlympiAD Study.
Zacks Rank & Key Picks
Myriad Genetics carries a Zacks Rank #3 (Hold). A few better-ranked medical stocks are IDEXX Laboratories, Inc. IDXX, Lantheus Holdings, Inc. LNTH and Align Technology, Inc. ALGN. Align Technology sports a Zacks Rank #1 (Strong Buy), while Lantheus Holdings and IDEXX Laboratories carry a Zacks Rank #2 (Buy). You cansee the complete list of today’s Zacks #1 Rank stocks here.
Align Technology has a long-term expected earnings growth rate of 26.6%. The stock has rallied roughly 22.3% over the last three months.
Lantheus Holdings has a long-term expected earnings growth rate of 12.5%. The stock has gained 70.4% over the last six months.
IDEXX Laboratories has a long-term expected earnings growth rate of 19.8%. The stock has gained around 6.8% over the last six months.
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