Stocks To Watch: Myovant Sciences Ltd [NYSE: MYOV] was a big gainer in Tuesday’s trading session. The stock closed the day with gains of 113.20% to trade at $12.92. This followed news that the company’s late-stage trial for advanced prostate cancer treatment had a 97% response rate. The company said that its phase 3 trial had met its primary end goals as well as 6 secondary goals. The company also announced that it plans to submit this treatment to the FDA for approval in Q2 of 2020. It will also pursue regulatory approvals in Japan and Europe, two very important markets.
Myovant believes that this treatment’s high response rate, lower side effects, and easy-to-use nature will drive its adoption in the market. Taking this pill with quick response in suppressing testosterone is much more efficient than receiving injections that trigger its production to a point where it shuts off.
According to the company CEO, Lynn Seely, the study of this treatment was done on 934 men and is designed in a way that makes it prime for approval in the U.S among other major markets such as Japan. Seely further stated that if approved in Japan, the drug would be sold by Takeda, which would pay significant amounts to Myovant in royalty.
Looking at the chart above, MYOV performed a breakout yesterday. It opened Tuesday’s session with a gap up and rallied on high volumes of 72.79 million. The stock seems to be maintaining this positive momentum in pre-market trading. In the day, yesterday’s high of $17.17 could offer some significant resistance.
About Myovant Sciences Ltd
Myovant Sciences Ltd is a U.K Biotech firm. It specializes in the development and commercialization of women’s health therapies and endocrine issues. Its headquarters are in London, United Kingdom.