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Myriad Genetics (MYGN) Secures Key Milestones in Illumina Tie-Up

Myriad Genetics, Inc. MYGN recently announced two key milestones in its strategic partnership with Illumina Inc. ILMN. The collaboration brings together Myriad’s MyChoice CDx homologous recombination deficiency (HRD) technology and Illumina’s expertise in comprehensive genomic profiling to broaden clinical research opportunities and drive CDx development for gene-based therapies.

Achieving these breakthroughs empowers Myriad to accelerate the pace of research and scientific innovation to support the advancement of cancer care for patients.

News in Detail

Under the strategic partnership, Myriad and Illumina are working together to advance comprehensive genomic profiling plus HRD testing using the globally distributed Illumina TruSight Oncology 500 (TSO 500) assay. The test enables comprehensive genomic profiling by analyzing 523 genes across DNA and RNA variants.

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The first milestone achieved qualifies Myriad to conduct prospective clinical trial testing with an investigational-use-only test based on Illumina’s in-development IVD solution, the TruSight Oncology Comprehensive test (TSO Comp). This positions Myriad to partner with leading pharmaceutical companies and academic institutions to further the development of companion diagnostics.

The second milestone involves Myriad’s initiation of its first reproducibility test project to support future regulatory filings for TSO Comp. Myriad now provides support for Illumina’s partnerships with pharmaceutical companies to develop companion diagnostics on TSO Comp.

Industry Prospects

Per a research report, the global cancer profiling market was valued at $9.59 billion in 2021 and is expected to witness a CAGR of 11.87% up to 2030.

myChoiceCDx Progresses Well

Myriad Genetics' progress worldwide with respect to the myChoiceCDx test is impressive. The company continues to record strong revenue growth from companion diagnostics, including a significant revenue share from its proprietary myChoiceCDx test. Having received FDA approval as a companion diagnostic test, MYGN intends to expand its market-leading myChoiceCDx to other indications like breast, prostate and pancreatic cancers for expanded pharma clinical trials and commercial testing.

Earlier in March 2023, Myriad Genetics expanded its partnership with Illumina to broaden access and the availability of oncology HRD testing in the United States. The TSO 500 HRD research-use-only test, which aligns Myriad’s MyChoice CDx HRD technology with Illumina’s pan-cancer test, TSO 500, is now available in the United States.

Price Performance

In the past six months, Myriad Genetics shares have decreased 25.7% compared with the industry’s decline of 8.4%.

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 and Quanterix QTRX, 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 19.7% in the past year. Earnings estimates for Haemonetics have increased from $3.74 to $3.82 in 2023 and remained constant at $4.07 in 2024 in the past 30 days.

HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 19.39%. In the last reported quarter, it posted an earnings surprise of 38.16%.

Estimates for Quanterix’s 2023 loss per share have narrowed from $1.19 to 97 cents in the past 30 days. Shares of the company have increased 186% in the past year against the industry’s decline of 22.5%.

QTRX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 30.39%. In the last reported quarter, it posted an earnings surprise of 55.56%.

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