Myovant Sciences price target raised to $20 from $18 at Goldman Sachs
Goldman Sachs analyst Paul Choi reiterated a Buy rating on Myovant Sciences and raised his price target on the shares to $20 from $18 after the company reported "positive" data from its Phase 3 HERO trial of relugolix in men with advanced prostate cancer. Choi said the trial results will likely facilitate FDA approval following the expected NDA filing in the second quarter of 2020 and patient usage over leuprolide for those seeking an oral treatment with potential superiority for intermittent therapy and/or superior cardiac outcomes. The analyst added that he is looking to the first half of 2020 for full data details in a publication and the third quarter for data on time to castration resistance. Otherwise, Choi said he expects Myovant commercial execution to come into investor focus given the pricing/reimbursement landscape for existing offerings and with relugolix now de-risked in two of its three indications.