MYOV - Myovant cut to neutral at Goldman Sachs on 'lack of driving catalysts'

After recording back-to-back losses, Myovant Sciences (MYOV) ended flat today after Goldman Sachs downgraded the stock to Neutral from Buy with the 12-month price target maintained at $30, 23.9% of upside to today’s close.In December, the FDA granted approval for Orgovyx, the company’s oral therapy for advanced prostate cancer. A deal with Pfizer (NYSE:PFE) followed to jointly develop and commercialize the therapy in oncology and women’s health in the U.S. and Canada.Against this backdrop, the analysts led by Paul Choi expects the Pfizer deal to support the commercialization prospects as well as development initiatives for the therapy in women’s health. However, noting that the approval and label were ‘largely anticipated,’ they argue ‘the launch expectations for Orgovyx are already in the stock.’Similarly, the prospect for relugolix combination tablet in uterine fibroids and endometriosis is ‘largely expected’ write the analysts, projecting ‘a smaller overall US commercial opportunity’ in the women’s health indications. Upcoming 2021

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Myovant cut to neutral at Goldman Sachs on ‘lack of driving catalysts’