MYOV: Overreaction, says JMP Securities. Buying opportunity. Reiterates price target--$34.
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MYOV
11:54 09/29/20
Myovant Sciences trial results present a buying opportunity, says JMP Securities
JMP Securities analyst Jason Butler reiterates an Outperform rating and $34 price target on Myovant Sciences. The analyst says the negative stock reaction to the castration resistant-free survival results for relugolix in prostate cancer presents a buying opportunity. Butler says the results from a subgroup of the Phase 3 HERO trial showed similar rates of castration resistant-free survival with relugolix and leuprolide acetate and did not achieve statistical superiority for relugolix. The analyst continues to view the trial results and overall value proposition of oral relugolix as compelling, as it demonstrated a 97% testosterone suppression responder rate and 54% reduction in risk of MACE vs. leuprolide.
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