Myriad Genetics (MYGN, Financial) recently revealed that their GeneSight Psychotropic Test is linked to a decrease in hospitalizations for patients with major depressive disorder, as documented in the Journal of Clinical Psychopharmacology. The study, which had its preliminary findings presented at the 2024 American Association of Psychiatric Pharmacists conference, explores the impact of pharmacogenomic testing on medication management and healthcare resource use.
The research titled “Real-World Impact of Pharmacogenomic Testing on Medication Use and Healthcare Resource Utilization in Patients with Major Depressive Disorder” presents significant findings. The study reports a nearly 40% reduction in patients filling prescriptions with major gene-drug interactions after the GeneSight test was utilized. This suggests that medical professionals are leveraging the test to guide their treatment strategies effectively.
Furthermore, the use of the GeneSight test contributed to a 39% drop in psychiatric-related hospitalizations and a 29% decrease in hospital visits for any reason. Notably, patients who transitioned to medications with reduced gene-drug interactions exhibited a 44% decrease in psychiatric hospitalizations and a 34% reduction in overall hospitalizations.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 15 analysts, the average target price for Myriad Genetics Inc (MYGN, Financial) is $15.23 with a high estimate of $29.00 and a low estimate of $8.00. The average target implies an upside of 105.86% from the current price of $7.40. More detailed estimate data can be found on the Myriad Genetics Inc (MYGN) Forecast page.
Based on the consensus recommendation from 17 brokerage firms, Myriad Genetics Inc's (MYGN, Financial) average brokerage recommendation is currently 2.8, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Myriad Genetics Inc (MYGN, Financial) in one year is $23.22, suggesting a upside of 213.78% from the current price of $7.4. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Myriad Genetics Inc (MYGN) Summary page.
