Myriad Genetics, Inc.’s MYGN Prolaris prostate cancer prognostic test has been reinforced as an ‘Advanced Tool’ by the National Comprehensive Cancer Network (“NCCN”) in the fight against prostate cancer. Like other gene expression-based tests, Prolaris has been included in the NCCN guidelines for many years, with category 2A level of evidence indicating that its inclusion has support from at least 85% of members on the NCCN prostate panel.

As a molecular diagnostic test, Prolaris provides personalized information about the aggressiveness of a patient’s prostate cancer, helping identify whether it is safe to forgo treatment, whether to pursue treatment and how much treatment is needed for the best possible outcome.

Potential Trend of MYGN Stock Following the News

After the announcement yesterday, Myriad Genetics shares fell by 1.7%, closing at $14.88. On a promising note, the company has published more than 25 studies demonstrating the value of Prolaris in clinical decision-making for prostate cancer. One independent prospective study validated the Prolaris score's ability to predict early metastasis within three years and a quicker time to definitive treatment for patients exceeding the active surveillance threshold. Another study demonstrated that Prolaris can accurately predict the benefits of adding androgen deprivation therapy to radiation therapy in men with localized prostate cancer. We expect the latest development to positively boost the market sentiment toward MYGN stock.

Myriad Genetics has a market capitalization of $1.38 billion. Going by the Zacks Consensus Estimate, the company’s earnings are likely to surge nearly 144.4% on an 11.7% improvement in revenues. In the trailing four quarters, it delivered an average earnings surprise of 247.73%. 

More on MYGN’s Latest Development

Prolaris is the only test developed in untreated patients and the only test with two clinically validated thresholds. With its active surveillance threshold, the test identifies the most appropriate patients for active surveillance across all biomarkers. The updated NCCN Prostate Cancer Guidelines solidify Prolaris’ market position.

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Despite some confusion from certain mischaracterizations regarding the updated guidelines, extensive published evidence shows that Prolaris is a clinically recognized and effective tool in managing patients with prostate cancer. The company is hopeful that its highly engaged clinicians will continue to see the guidelines as an additional reason to incorporate Prolaris in treatment decisions.

Industry Prospects Favoring MYGN

Per a research report, the global prostate cancer diagnostics market was valued at $8.56 billion in 2023 and is expected to witness a CAGR of 6.4% through 2030. The increasing global geriatric population and technological advancements are expected to fuel the demand for prostate cancer diagnostics.

More Updates From MYGN

Last month, Myriad Genetics announced that its Genomic Instability Score (“GIS”) to determine Homologous Recombination Deficiency (“HRD”) will be reported for all samples analyzed with Illumina’s updated research assay, TruSight Oncology 500 v2 (TSO 500 v2). Previously, GIS to determine HRD was only available as a separate product. As a result, a broad array of cancer types will receive GIS results and their HRD status.

MYGN Stock Price Performance

In the past year, MYGN shares have declined 21.9% compared with the industry’s fall of 0.7%.

MYGN’s Zacks Rank and Key Picks

Myriad Genetics currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader medical space are Penumbra PEN, Haemonetics HAE and Phibro Animal Health PAHC, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Penumbra shares have risen 7.5% in the past year. Estimates for the company’s 2024 earnings per share have jumped 0.7% to $2.81 in the past 30 days. PEN’s earnings beat estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 10.54%. In the last reported quarter, it posted an earnings surprise of 23.19%.

Estimates for Haemonetics’ fiscal 2025 earnings per share have jumped 0.4% to $4.59 in the past 30 days. Shares of the company have decreased 3.1% in the past year against the industry’s growth of 21.1%. HAE’s earnings surpassed estimates in three of the trailing four quarters and missed in one, the average surprise being 2.82%. In the last reported quarter, it delivered an earnings surprise of 2.75%.

Estimates for Phibro Animal Health’s fiscal 2025 earnings per share have increased 2.5% to $1.61 in the past 30 days. Shares of the company have surged 106.1% in the past year compared with the industry’s 21% rise. PAHC’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 25.47%. In the last reported quarter, it delivered an earnings surprise of 52.17%.

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