Myovant Sciences (MYOV) Moves 7.7% Higher: Will This Strength Last?

Myovant Sciences (MYOV) Moves 7.7% Higher: Will This Strength Last?

myovant Sciences (MYOV) shares soared 7.7% in the last trading session to close at $11.58. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock’s 6.7% gain over the past four weeks.

The stock was up after detailed data from the phase III SPIRIT 1 and SPIRIT 2 studies of once-daily relugolix combination therapy in women with endometriosis-associated pain were published in The Lancet.

As previously reported the studies met their co-primary endpoints by showing clinically meaningful reductions in dysmenorrhea (menstrual pain) and non-menstrual pelvic pain in women with endometriosis. In the relugolix combination therapy arm, 75% of women in both studies, experienced a clinically meaningful reduction in dysmenorrhea compared with 27% and 30% of women in the placebo arm at Week 24. 59% and 66% of women in the relugolix combination therapy achieved aa clinically meaningful reduction non-menstrual pelvic pain in the SPIRIT 1 and 2 studies, respectively compared with 40% and 43% of women in the placebo groups. Statistical significance was also achieved for seven key secondary endpoints in SPIRIT 1 and six key secondary endpoints in SPIRIT 2 studies.

Relugolix combination therapy is already available as Myfembree for the management of heavy menstrual bleeding associated with uterine fibroids in premenopausal women while a supplemental new drug application is under review for endometriosis-associated pain in the United States.

This biopharmaceutical company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents a year-over-year change of +85.1%. Revenues are expected to be $104.37 million, up 154.2% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Myovant Sciences, the consensus EPS estimate for the quarter has been revised 51.6% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on MYOV going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here >>>>

Myovant Sciences is a member of the Zacks Medical – Biomedical and Genetics industry. One other stock in the same industry, Dynavax Technologies (DVAX), finished the last trading session 3.3% higher at $10.31. DVAX has returned -10.7% over the past month.

For Dynavax Technologies, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.22. This represents a change of +1000% from what the company reported a year ago. Dynavax Technologies currently has a Zacks Rank of #3 (Hold).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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