Myovant Sciences upgraded to outperform at SVB following additional Myfembree indication

Aug. 09, 2022 12:17 PM ETMyovant Sciences Ltd. (MYOV)ABBVBy: Jonathan Block, SA News Editor8 Comments

New York Stock Exchange, Wall st, New York, USA

Matteo Colombo

  • SVB Securities has upgraded Myovant Sciences (NYSE:MYOV) to outperform from market perform due to the recent approval of Myfembree for pain associated with endometriosis and tailwinds from an existing approval in uterine fibroids.
  • The firm also upgraded the price target to $23 from $12 (~47% upside based on Friday's close).
  • Analyst Roanna Ruiz said that the Myfembree (relugolix, estradiol, and norethindrone acetate) endometriosis approval is "a nice clearing event that solidifies Myfembree’s competitive once-daily clinical profile vs. AbbVie's (ABBV) Orlissa/Oriahnn."
  • She added that the approval came with no safety signals or amendments.
  • Ruiz noted that Myovant (MYOV) is becoming appealing to more investors as it has commercial growth through multiple products "without risky binary events like late-stage clinical trial readouts."
  • She added that after the U.S. FDA issued a deficiency letter and action date delay for the endometriosis indication followed by approval, the agency may be more open to approving women's health drugs, "which is good news for Myovant's (MYOV) 2nd sNDA filing."
  • Seeking Alpha contributor Edmund Ingham said that Myovant (MYOV) is a sell because the "valuation looks excessive."

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