Myriad Genetics, Inc. (NASDAQ: MYGN) rose, after Piper Jaffray upgraded Myriad Genetics from neutral to overweight and raised the price target from $38 to $53.
The Salt Lake City-based Myriad calls itself "a global leader in personalized medicine." On Wednesday, it also announced the signing of a new laboratory services agreement with Pfizer Inc. (NYSE: PFE)
Under the terms of the agreement, Myriad will provide BRACAnalysis CDx® testing in a Phase 2 study evaluating talazoparib, Pfizer’s investigational polymerase (PARP) inhibitor, for neo-adjuvant treatment of germline BRCA-mutated triple negative breast cancer.
According to Myriad official Lloyd Sanders, "We are excited to be providing BRACAnalysis CDx testing in this neo-adjuvant breast cancer trial. We believe this agreement underscores Myriad’s leadership in the field of companion diagnostics for PARP inhibitors, and we look forward to making genetic testing more accessible for patients."
Every year in the United States approximately 35,000 women are diagnosed with new cases of triple negative breast cancer, which has significantly lower survival rates and limited treatment options when compared to other types of breast cancer.
BRACAnalysis CDx is an in vitro diagnostic device intended for the qualitative detection and classification of variants in the protein coding regions and intron/exon boundaries of the BRCA1 and BRCA2 genes using genomic DNA obtained from whole blood specimens collected in EDTA.
Shares in Myriad began Wednesday’s trading day at $48.06, galloping $4.87 away, or 11.3%, from Tuesday’s close, while shares in Pfizer advanced 20 cents to $45.67
