Many biotech stocks have recorded highly impressive gains this month so far, and one of the notable outperformers in November has been MYOV stock. So, what did Myovant Sciences (NYSE:MYOV) do to elicit this gain?
Back on November 19, the clinical-stage biotech firm, Myovant Sciences, announced data from its Phase 3 HERO study of the company’s compound relugolix. The results proved to be highly positive, and on the very day that it was announced, Myovant stock enjoyed a searing rally. Since then, MYOV stock has managed to gain as much as 200%, and it goes without saying that Myovant has emerged as one of the stocks to watch for investors at this point.
The study in question was meant to test whether the compound was effective and safe. Relugolix is a compound that is meant for treating advanced men’s prostate cancer, which is sensitive to androgen, and in the test, the compound was tested against the standard treatment for the condition. The results proved to be highly positive as the compound met the endpoint related to efficacy.
As many as 96.7% of the patients who were administered relugolix showed steady suppression in levels of testosterone, and that is a major positive. In addition to that, all six secondary endpoints were met by the compound, as well.
MYOV stock is up 5% at $18.21 in Friday’s trading session.
The finding from the HERO study is a major boost for Myovant Sciences and the company’s Chief Executive Officer Dr. Lynn Seely said as much: “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.” These are highly positive statements, and it shows that the company is optimistic about the prospects of this particular compound.
Considering the sort of steady rally MYOV stock has enjoyed, it is clear that the market is also optimistic. Hence, it would be worthwhile for investors to track MYOV stock closely in the future.
Featured image: DepositPhotos © SergPoznanskiy