SALT LAKE CITY - Myriad Genetics , Inc. (NASDAQ:MYGN), a company specializing in genetic testing and precision medicine, has released findings from a study suggesting that the GeneSight Psychotropic test is associated with reduced healthcare utilization among patients with major depressive disorder.
The study, which encompassed nearly 21,000 patients, showed a significant decrease in hospitalizations related to psychiatric conditions following the use of the GeneSight test.
According to the results, there was a 39% relative reduction in psychiatric-related hospitalizations and a 29% reduction in hospitalizations for any reason within 180 days post-GeneSight testing. Additionally, the study highlighted that the percentage of patients prescribed medications with significant gene-drug interactions dropped from 26.1% to 15.9% after taking the test. Conversely, prescriptions for medications with no gene-drug interactions increased from 27.5% to 47%.
Dale Muzzey, chief scientific officer at Myriad Genetics, expressed optimism about the initial results, indicating that this is the first phase in a series of analyses designed to evaluate the impact of the GeneSight test on clinical outcomes and healthcare costs. More findings are expected to be disclosed later this year.
The GeneSight Psychotropic test is used to inform clinicians about potential gene-medication interactions for patients, covering over 60 commonly prescribed psychiatric medications. This tool is part of a broader medical assessment aimed at personalizing treatment plans for individuals with depression, anxiety, ADHD, and other psychiatric conditions.
The study was presented at the American Association of Psychiatric Pharmacists conference in Orlando, FL, by Priya Maheshwari, MS, RPh, senior medical information liaison at Myriad Genetics. Myriad Genetics plans further analysis of the data to investigate the impact of post-pharmacogenomic medication selection on the total cost of care for depression.
This information is based on a press release statement from Myriad Genetics. The company continues to be at the forefront of genetic testing, offering insights that may lead to more tailored and effective treatments for various medical conditions.
InvestingPro Insights
Myriad Genetics (NASDAQ:MYGN) has been actively contributing to the field of precision medicine with its GeneSight Psychotropic test, which has shown promising results in reducing healthcare utilization for patients with major depressive disorder. The financial health and market performance of Myriad Genetics also provide a backdrop for understanding the company's potential growth and investment profile.
InvestingPro data reveals that Myriad Genetics has a market capitalization of approximately $1.83 billion, reflecting its size and significance within the genetic testing market. Despite not being profitable over the last twelve months, analysts predict the company will turn a profit this year, which could be a sign of a positive trajectory. The company's P/E ratio currently stands at -6.40, with an adjusted figure of -10.85 for the last twelve months as of Q4 2023, indicating that investors are expecting future earnings growth.
One of the key InvestingPro Tips for Myriad Genetics is the company's stock price volatility, which investors should be aware of when considering adding MYGN to their portfolio. The company's stock has experienced a large price uptick over the last six months, with a 35.51% total return, underscoring the potential for significant short-term gains. Additionally, Myriad Genetics operates with a moderate level of debt, which can be a factor to consider when assessing the company's financial stability.
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As Myriad Genetics continues to make strides in the medical field with its genetic testing services, the company's financial metrics and market performance will remain key factors for investors to monitor.
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