MYOV did not have a failed trial, says EVERCORE analyst. Market reaction nonsensical. Buying opportunity. Reiterates price target=$55.
Evercore says Myovant did not report 'failed trial,' weakness an opportunity After Myovant Sciences announced relugolix did not achieve statistical superiority for castration resistance-free survival compared to leuprolide acetate in men with metastatic disease through 48 weeks in the Phase 3 HERO study, Evercore ISI analyst Joshua Schimmer said the stock is "acting as though this was a failed study, but it was anything but." The trial was still a marked success overall and he remains confident in his "street-high" $55 price target, said Schimmer, who is making no changes to his core thesis and would take advantage of this weakness and "highly inappropriate stock reaction." Schimmer keeps an Outperform rating on Myovant shares.
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