Myriad Genetics, Inc. MYGN recently launched a patient home collection kit for its GeneSight Psychotropic test, enabling the DNA sample collection that is generally undergone in a clinician’s office to be completed at home. However, the new direct-to-patient collection kit is still required to be ordered by a licensed healthcare provider.
The test kit can be ordered by physicians who have clearly established requirement of the same for the patient, which can then be delivered directly to the patients. The patient is required to follow the provided instructions for DNA collection and send the collected sample to the Myriad Neuroscience Clinical Laboratory Improvement Amendments and College of American Pathologists-accredited lab for processing.
With the recent direct-to-patient collection kit launch, Myriad Genetics aims to expand its customer base, thereby boosting its Molecular Diagnostic testing business globally.
Significance of the Launch
Per management, the ongoing pandemic-led crisis has led to a manifold increase in mental health issues, which is also supported by a recent survey by John Hopkins University Bloomberg School of Public Health. Further, an increasing number of physicians are resorting to telemedicine due to the current situation in order to continue providing care to their patients.
The test kit was launched in view of the rising need for remote access and innovative solutions to accommodate patient requirements. The home sample collection process through the kit enables physicians to continue using the GeneSight test as a tool while devising a treatment plan for patients suffering from depression or anxiety.
Per a report by Grand View Research, the global molecular diagnostics market size was valued at $9.2 billion in 2019 and is anticipated to reach $18.2 billion by 2027, at a CAGR of 9%. Factors like technological advancements in molecular diagnostics and the growing prevalence of infectious diseases are expected to propel the market.
Given the market potential, the favorable study outcome is expected to significantly boost the business.
Recent Developments in Molecular Diagnostics
Of late, Myriad Genetics has been witnessing a slew of developments.
The company, in June, announced the publication of a new study in Future Medicine, which validates the accuracy of myPath Melanoma while classifying skin lesions termed as indeterminate by standard pathological review.
In the same month, Myriad Genetics announced receipt of favorable coverage decisions for Prolaris from three new commercial health plans, including one of the top five national health insurance providers.
Further, in the same month, the company announced the publication of a study in Psychiatry Research, which illustrates the superiority of the GeneSight Psychotropic test at predicting citalopram and escitalopram blood concentrations, unlike single-gene testing.
In May, the company received the FDA’s approval for its BRACAnalysis CDx test for use as a companion diagnostic by healthcare professionals to identify men with metastatic castration-resistant prostate cancer, who are eligible for treatment with Lynparza (olaparib).
Shares of the company have lost 8.1% in the past three months against the industry’s 28.7% growth and the S&P 500’s 24.7% rise.
Zacks Rank & Key Picks
Currently, Myriad Genetics carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Quest Diagnostics Incorporated DGX, Laboratory Corporation of America Holdings LH or LabCorp and QIAGEN N.V. QGEN.
Quest Diagnostics’ long-term earnings growth rate is projected at 7.6%. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
LabCorp’s long-term earnings growth rate is estimated at 6.1%. The company presently has a Zacks Rank #2 (Buy).
QIAGEN’s long-term earnings growth rate is estimated at 12.2%. It currently sports a Zacks Rank #1.
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