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SALT LAKE CITY - Myriad Genetics , Inc. (NASDAQ: NASDAQ:MYGN), a company specializing in genetic testing and precision medicine, has obtained a second patent from the United States Patent and Trademark Office to enhance its molecular residual disease (MRD) assay capabilities.
The new patent, U.S. no. 12,024,749, is for a method titled "Combinatorial DNA Screening," which focuses on detecting circulating tumor DNA in patient fluid samples.
This patent complements an earlier one granted for methods of preparing cell-free DNA, bolstering Myriad's portfolio for its Precise MRD assay. The technology behind these patents allows for the detection of tumor DNA at lower levels than current market offerings, potentially establishing Myriad as a more competitive player in the precision medicine field.
Paul J. Diaz, president and CEO of Myriad Genetics, expressed confidence that this development will strengthen the company's market position through both their Precise MRD product and possible licensing opportunities. The Precise MRD assay utilizes Myriad's existing technology, including laboratory systems and intellectual property, as well as building on FDA-approved diagnostic platforms.
Myriad is actively developing its Precise MRD assay, which is currently being studied in several high-impact research collaborations. These studies are aimed at addressing the needs of cancer patients and include partnerships with notable institutions such as Memorial Sloan Kettering, The University of Texas MD Anderson Cancer Center, and the National Cancer Center Hospital East in Japan. Preliminary results from these studies are anticipated to be released in the fall.
The Precise MRD assay is available for research use and is part of Myriad's broader commitment to advancing patient care in oncology through genetic insights. The information reported here is based on a press release statement from Myriad Genetics.
In other recent news, Myriad Genetics reported a 12% revenue increase in the first quarter, largely driven by their prenatal and GeneSight businesses. The company is nearing breakeven on an adjusted EPS basis and has achieved positive adjusted EBITDA. Myriad Genetics has maintained its full-year guidance for 2024, with expected revenue between $820 million and $840 million.
Scotiabank has initiated coverage on Myriad Genetics with a Sector Outperform rating and a price target of $29.00, noting the company's focus on genetic testing and precision medicine. Scotiabank expressed confidence in the company's ability to continue driving double-digit top-line growth and achieving positive adjusted operating margins.
Piper Sandler also revised earnings expectations for Myriad Genetics and raised its target to $28, maintaining an Overweight rating. The updated forecast for 2024 anticipates $831 million in revenue and $0.03 in earnings per share (EPS), slightly higher than previous 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 reflect the evolving financial landscape of Myriad Genetics.
InvestingPro Insights
Myriad Genetics, Inc. (NASDAQ: MYGN) has recently been in the spotlight for its innovative advancements in precision medicine, and the financial markets are reflecting this dynamic activity. With a market capitalization of $2.29 billion, Myriad Genetics is positioning itself as a notable player in the genetic testing industry. An important metric to consider is the company's revenue growth, which has increased by 11.44% over the last twelve months as of Q1 2024, demonstrating a solid upward trajectory in its financial performance.
Investors should note that Myriad Genetics does not pay a dividend, which could be a relevant factor for those seeking income-generating investments. Still, the company has shown a strong price performance, with a total return of 39.71% over the last six months, indicating robust investor confidence. This performance is further underscored by the fact that the stock is trading near its 52-week high, at 97.34% of this peak value.
Despite not being profitable over the last twelve months, Myriad Genetics has garnered attention from analysts who predict the company will be profitable this year. This is a crucial InvestingPro Tip to consider, as it may signal a pivotal moment for the company's financial outlook. Moreover, with a high gross profit margin of 68.79%, Myriad Genetics is effectively converting its revenue into gross profit, which could be indicative of efficient operations and strong pricing power.
For those looking to delve deeper into Myriad Genetics' financials and future prospects, there are 8 additional InvestingPro Tips available at Investing.com/pro/MYGN. Interested readers can use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, providing access to comprehensive analysis and insights that could further inform investment decisions.
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