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Myriad Genetics secures new patent for MRD assay expertise

Jul 9, 2024 | blog

SALT LAKE CITY – Myriad Genetics , Inc. (NASDAQ: NASDAQ:), an organization specializing in genetic testing and precision medication, has obtained a second patent from the United States Patent and Trademark Office to reinforce its molecular residual illness (MRD) assay capabilities.

The new patent, U.S. no. 12,024,749, is for a way titled “Combinatorial DNA Screening,” which focuses on detecting circulating tumor DNA in affected person fluid samples.

This patent enhances an earlier one granted for strategies of making ready cell-free DNA, bolstering Myriad’s portfolio for its Precise MRD assay. The expertise behind these patents permits for the detection of tumor DNA at decrease ranges than present market choices, doubtlessly establishing Myriad as a extra aggressive participant within the precision medication discipline.

Paul J. Diaz, president and CEO of Myriad Genetics, expressed confidence that this improvement will strengthen the corporate’s market place by each their Precise MRD product and attainable licensing alternatives. The Precise MRD assay makes use of Myriad’s present expertise, together with laboratory techniques and mental property, in addition to constructing on FDA-approved diagnostic platforms.

Myriad is actively creating its Precise MRD assay, which is at the moment being studied in a number of high-impact analysis collaborations. These research are geared toward addressing the wants of most cancers sufferers and embody partnerships with notable establishments akin to Memorial Sloan Kettering, The University of Texas MD Anderson Cancer Center, and the National Cancer Center Hospital East in Japan. Preliminary outcomes from these research are anticipated to be launched within the fall.

The Precise MRD assay is accessible for analysis use and is a part of Myriad’s broader dedication to advancing affected person care in oncology by genetic insights. The data reported right here is predicated on a press launch assertion from Myriad Genetics.

In different current information, Myriad Genetics reported a 12% income improve within the first quarter, largely pushed by their prenatal and GeneSight companies. The firm is nearing breakeven on an adjusted EPS foundation and has achieved optimistic adjusted EBITDA. Myriad Genetics has maintained its full-year steerage for 2024, with anticipated income between $820 million and $840 million.

Scotiabank has initiated protection on Myriad Genetics with a Sector Outperform ranking and a worth goal of $29.00, noting the corporate’s concentrate on genetic testing and precision medication. Scotiabank expressed confidence within the firm’s means to proceed driving double-digit top-line progress and reaching optimistic adjusted working margins.

Piper Sandler additionally revised earnings expectations for Myriad Genetics and raised its goal to $28, sustaining an Overweight ranking. The up to date forecast for 2024 anticipates $831 million in income and $0.03 in earnings per share (EPS), barely greater than earlier estimates.

Expectations for 2025 and 2026 predict revenues of $901 million and $970 million, respectively, with corresponding EPS of $0.03 and $0.24. These developments mirror the evolving monetary panorama of Myriad Genetics.

InvestingPro Insights

Myriad Genetics, Inc. (NASDAQ: MYGN) has just lately been within the highlight for its revolutionary developments in precision medication, and the monetary markets are reflecting this dynamic exercise. With a market capitalization of $2.29 billion, Myriad Genetics is positioning itself as a notable participant within the genetic testing trade. An essential metric to think about is the corporate’s income progress, which has elevated by 11.44% during the last twelve months as of Q1 2024, demonstrating a strong upward trajectory in its monetary efficiency.

Investors ought to observe that Myriad Genetics doesn’t pay a dividend, which may very well be a related issue for these searching for income-generating investments. Still, the corporate has proven a robust worth efficiency, with a complete return of 39.71% during the last six months, indicating strong investor confidence. This efficiency is additional underscored by the truth that the inventory is buying and selling close to its 52-week excessive, at 97.34% of this peak worth.

Despite not being worthwhile during the last twelve months, Myriad Genetics has garnered consideration from analysts who predict the corporate will probably be worthwhile this 12 months. This is a vital InvestingPro Tip to think about, as it could sign a pivotal second for the corporate’s monetary outlook. Moreover, with a excessive gross revenue margin of 68.79%, Myriad Genetics is successfully changing its income into gross revenue, which may very well be indicative of environment friendly operations and powerful pricing energy.

For these seeking to delve deeper into Myriad Genetics’ financials and future prospects, there are 8 extra InvestingPro Tips obtainable at Investing.com/professional/MYGN. Interested readers can use coupon code PRONEWS24 to stand up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, offering entry to complete evaluation and insights that would additional inform funding choices.

This article was generated with the assist of AI and reviewed by an editor. For extra data see our T&C.

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