Piper sees negative BRACA decisions as isolated for Myriad Genetics Piper Jaffray says its work suggests "little negative provider updates" for Myriad Genetics (MYGN) beyond Horizon BCBS recently naming LabCorp (LH) as its in-patient BRCA test provider and Health Plus's update urging the discontinuation of Myriad for BRCA testing. The firm believes recent negative BRACAnalysis decisions are isolated and keeps an Overweight rating on Myriad with a $44 price target.
Myriad Genetics receives FDA approval of BRACAnalysis CDx Myriad Genetics (MYGN) announced that it has received approval from the U.S. FDA for BRACAnalysis CDx to be used as the only companion diagnostic in conjunction with AstraZeneca's (AZN) drug Lynparza. Lynparza is the first poly ADP-ribose polymerase inhibitor for patients with germline mutations in BRCA1/2 advanced ovarian cancer who have had three or more lines of chemotherapy. BRACAnalysis CDx is Myriad's first FDA-approved companion diagnostic for use with a novel PARP inhibitor. BRACAnalysis CDx is a highly accurate molecular companion diagnostic test that identifies deleterious or suspected deleterious mutations in the BRCA1 and BRCA2 genes, using DNA obtained from a blood sample. BRACAnalysis CDx was proven in clinical studies to effectively identify patients with BRCA mutations who would be candidates for Lynparza. The approval of BRACAnalysis CDx demonstrates Myriad's commitment to developing companion diagnostics and is the culmination of an intensive, multiyear scientific collaboration with AstraZeneca to advance personalized medicine for women with ovarian cancer.