Myriad Genetics, Inc. MYGN recently announced the addition of Absolute Risk Reduction (“ARR”) to the Prolaris Prostate Cancer Prognostic Test. The enhancement will help patients and providers make personalized treatment decisions regarding hormone therapy.

Prolaris is the only biomarker test to quantify the benefits of adding androgen deprivation therapy (ADT) to radiation therapy (RT)1. The latest development will significantly bolster MYGN’s Urology division.

Significance of the News

Patients diagnosed with localized prostate cancer are at the discretion to select from the different kinds of therapies available. Most often, they tend to consider combining therapies together or simply doing individual therapy.

Although ADT can potentially slow down the progression of prostate cancer, it can come with significant side effects, such as bone and muscle loss, weight gain and increased cardiovascular risk. Per a representative at Myriad Genetics, weighing the benefits of ADT against side effects is critical for patients with prostate cancer to take the best treatment decisions.

Image Source: Zacks Investment Research

The Prolaris test allows physicians to counsel patients on whether adding ADT to their treatment plans may reduce their individualized risks of metastasis. This offers increased clarity to make informed decisions, thereby balancing the potential side effects of ADT. Apart from identifying those patients who can safely forego ADT, the latest Prolaris enhancement will provide an individual assessment of how adding ADT to radiation therapy may reduce their risk of metastasis over 10 years.

Further, a study presented at the 2023 American Society of Clinical Oncology Annual Meeting demonstrated that Prolaris can predict the ARR of metastasis when ADT is added to RT, regardless of the National Comprehensive Cancer Network risk group.

Industry Prospects

Per a research report, the global prostate cancer therapeutics market was valued at $12.12 billion in 2022 and is expected to witness a CAGR of 8.4% up to 2030.

Recent Developments

Last week, MYGN and Intermountain Precision Genomics, part of the Intermountain Health system, announced participation in ComboMATCH clinical trials. Led by the National Cancer Institute and the ECOG-ACRIN Cancer Research Group, the platform aims to help identify and show the efficacy of new anti-cancer drug combinations for patients with locally advanced or metastatic solid tumor cancers. To be eligible for enrollment for ComboMATCH, the companies will begin providing oncology test results.

In addition, Myriad Genetics recently announced enhancements to its GeneSight Psychotropic test, a pharmacogenomic test for mental health medications. The GeneSight report will now include information on how a patient's smoking status may impact their body's metabolism of certain medications.

Price Performance

In the past six months, Myriad Genetics’ shares have decreased 5.9% compared with the industry’s decline of 9.3%.

Zacks Rank and Key Picks

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

Some better-ranked stocks in the broader medical space are Haemonetics HAE, DexCom DXCM and SiBone SIBN, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Haemonetics’stock has risen 23.7% in the past year. Earnings estimates for Haemoneticshave increased from $3.56 to $3.58 in 2023 and $3.96 to $3.98 in 2024 in the past 30 days.

HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 19.32%. In the last reported quarter, it posted an earnings surprise of 38.16%.

Estimates for DexCom’s 2023 EPS have increased from $1.07 to $1.19 in the past 30 days. Shares of the company have increased 26% in the past year against the industry’s fall of 3.7%.

DXCM’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 28.83%. In the last reported quarter, it posted an earnings surprise of 54.55%.

Estimates for SiBone’s2023 loss have narrowed from $1.42 to $1.40 per share in the past 30 days and to $1.27 in the past seven days. Shares of the company have increased 23.3% in the past year against the industry’s fall of 4.1%.

SIBN’s earnings beat estimates in all of the trailing four quarters, the average surprise being 20.37%. In the last reported quarter, SiBonedelivered an earnings surprise of 26.83%.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Haemonetics Corporation (HAE) : Free Stock Analysis Report

Myriad Genetics, Inc. (MYGN) : Free Stock Analysis Report

DexCom, Inc. (DXCM) : Free Stock Analysis Report

SiBone (SIBN) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research