ABBV - Investors skittish with Myovant Sciences after relugolix fails to top comparator drug on key survival endpoint in prostate cancer study

Myovant Sciences' (MYOV) post-COVID-selloff rally came to an abrupt end on Tuesday, September 29, after it announced results on another secondary endpoint from the Phase 3 HERO clinical trial evaluating relugolix in men with advanced androgen-sensitive prostate cancer.Investors reacted strongly to the miss on castration resistance-free survival ((CRFS)) through week 48. Specifically, relugolix failed to show superiority over standard-of-care leuprolide [AbbVie's (ABBV) Lupron Depot or Tomar Pharmaceuticals' Eligard] on this endpoint. The CRFS rates were similar, 74% for relugolix versus 75% for the comparator.Shares sold off almost 26% on a 12x surge in volume on the news and succumbed to continued selling through the week, ending at $14.00, down 39% from the recent high of $23.04 on September 23. Shares had rallied nearly four-fold from the low of $5.98 on March 16 before then.The study met the primary endpoint demonstrating a 96.7% response rate, defined as men who maintained serum testosterone suppression to castrate levels

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Investors skittish with Myovant Sciences after relugolix fails to top comparator drug on key survival endpoint in prostate cancer study