JMP boosts Myovant price target to $34 after 'compelling' prostate cancer data

JMP Securities analyst Jason Butler raised his price target for Myovant Sciences to $34 from $25 saying the company's "compelling" Phase 3 results in prostate cancer "clearly demonstrate" the clinical value of relugolix. The stock in afternoon trading is up 99%, or $6.14, to $12.20. The analyst views today's data as the best case outcome for relugolix and he increased his probability of approval in prostate cancer to 90% and peak penetration from 6% to 15%. The results support that relugolix is "clearly superior" to GnRH agonists including leuprolide, and also de-risk regulatory approvals in the U.S. and Europe, Butler tells investors in a research note. He reiterates an Outperform rating on shares of Myovant Sciences.