When it comes to pharmaceutical or biotech stocks, positive news with regards to any product that is in development almost always leads to a rise in the stock price. That is exactly what happened with MYOV stock this morning after Myovant Sciences Ltd (NYSE:MYOV) provided updates with regards to the Phase 3 HERO study of its product relugolix.
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The company revealed that the product in question not only managed to meet the primary endpoint but also met six other secondary endpoints. The secondary endpoints were related to symptoms men suffer from during advanced prostate cancer.
The Chief Executive Officer of Myovant, Lynn Seely, spoke about the Phase 3 study: “With the exciting results from the HERO study demonstrating the potential of relugolix to provide unique benefits compared to leuprolide, we look forward to submitting an NDA to the FDA.”
It goes without saying that this is a highly significant development for Myovant Sciences and the market thought so as well. Investors piled onto MYOV stock in Tuesday’s trade, and the stock rose by as much as 153% to $15.34 during that period.
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It is quite clear that Myovant has emerged as one of the stocks to watch today and possibly for the rest of the week. If relugolix is eventually approved, then it will be the first men’s prostate cancer medicine that could be administered orally. That could potentially open up a large market for the company.
In the primary responder analysts, it was found that as many as 96.7% of men who had been treated with relugolix for 48 weeks showed consistent suppression in testosterone during the period. This is a clear indication of the efficacy of the product at this stage. The NDA to the FDA is apparently going to be submitted next year, and submissions will also be made in Japan and Europe.
Despite today’s big jump, MYOV stock is still down about 10% so far this year.
Featured image: DepositPhotos © poznyakov
