Myriad Genetics Inc (NASDAQ: MYGN) is down by 7.23% and the price of the MYGN stock share has been reduced by $2.23 to $28.63, at last check.
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Leader in genetic testing and precision medicine
Myriad Genetics Inc. (MYGN) is the pioneer in molecular diagnostics and is now the global leader in the field of precision medicine. The company offers innovative precision medicines and molecular diagnostics products for testing of hereditary tumors, autoimmune disorders, and urological cancer detection along with psychological disease detection like depression. It was also the pioneer in creating first-ever Molecular Diagnostic test for breast and ovarian cancer.
Announcing strategic leadership with Intermountain Precision Genomics
On 2nd March 2021, the genetic testing leader announced a new oncology framework for collaboration with Intermountain Healthcare Inc. specifically with its Intermountain Precision Genomics – a nationally recognized program. The laboratory services of Intermountain Precision Genomics are renowned in the world while the Myriad’s hereditary cancer molecular diagnostic test is the most advanced up to date.
The combination of these two services from each of the distinguished healthcare will allow for a highly effective and extensive collaboration on the Somatic tumor testing and Germ-line gene testing.
There are many different testing for cancer; however, somatic tumor testing is done specifically to find out variants (genetic) of cancer cells which will help provide the best molecular diagnostic for treating an individual tumor or cancer. Similarly, the germline gene testing is significant because it helps study healthy cells and analyzes information about inherited cancer risks for chances of developing malignant tumor and cancer.
What would this partnership consist of?
This strategic partnership will consist of three service elements of both companies:
- The usage of Intermountain Precision Genomics’ TheraMap- powered by Illumina’s TSO 500 assay for detecting all sorts of solid tumor types as well as including the 500 genetic variant sequences responsible for treating cancer.
- Myriad’s myRisk Hereditary Cancer test adapts complex technology and advanced algorithms that associates the hereditary cancer prone body sites with 35 clinically verified genes for evaluation of cancer.
- Myriad’s myChoice is the Homologous Recombination Deficiency (HRD) testing which is considered the most advanced due to being extensively detailed. Its purpose is to detect beyond-repair double-stranded DNA breaks in tumor which are then more susceptible to DNA damaging drugs.
This new comprehensive testing and diagnostic test is set to be available in the second half of 2021. Investors should however keep in mind that these forward looking statements are in-line with the strategic directives of the collaborating companies but the results may vary from expectations. This is due to the testing of these offerings which can be susceptible to uncertainties in future regarding the clinical outcome of the trials in the laboratories.
Sequential rise in Myriad Genetics’ Q4
Myriad Genetics Inc. (MYGN) reported its Q4 earning 2020 on 24th February. The report indicated that Myriad Genetics delivered total revenue of $154.6 million which is sequentially 6% higher from its previous quarter, although it declined 21% from year-over-year comparison.
Similarly, the total test volumes of 224,000 declined also increased from its previous quarter by 7% but decreased 5% year-over-year. One of the possible reasons for the reduction in test volumes in 4th quarter compared to past 12 months is due to the restrictions and unpredictability in businesses due to the pandemic. The unpredictability of Covid-19 in business environment, customer perspective and market sentiment is also the reason, for which MYGN stock financial guidance will not be available for upcoming quarter end on 31st March, 2021.
MYGN stock worth keeping an eye on
While the company will not provide financial guidance for March 2021 ending quarter, many investors may still be expecting a positive movement in the market for MYGN stock at the time of Q1 2021’s report release. They will do so by considering the positive sequential movement in the previous quarters as well as the news of strategic partnership that can possibly deliver the comprehensive offerings in the next half of 2021.