MYOV - Myovant Sciences upgraded to outperform at SVB following additional Myfembree indication

• SVB Securities has upgraded Myovant Securities ( NYSE: MYOV ) to outperform from market perform due to the recent approval of Myfembree for pain associated with endometriosis and tailwinds from an existing approval in in uterine fibroids.
• The firm also upgraded the price target to $23 from $12 (~47% upside based on Friday's close).
• Analyst Roanna Ruiz said that the Myfembree (relugolix, estradiol, and norethindrone acetate) endometriosis approval is "a nice clearing event that solidifies Myfembree’s competitive once-daily clinical profile vs. AbbVie's ( ABBV ) Orlissa/Oriahnn."
• She added that the approval came with no safety signals or amendments.
• Ruiz noted that Myovant ( MYOV ) is becoming appealing to more investors as it has commercial growth through multiple products "without risky binary events like late-stage like late-stage clinical trial readouts."
• She added that after the U.S. FDA issued a deficiency letter and action date delay for the endometriosis indication followed by approval, the agency may be more open to approving women's health drugs, "which is good news for Myovant's ( MYOV ) 2nd sNDA filing."
• Seeking Alpha contributor Edmund Ingham said that Myovant ( MYOV ) is a sell because the "valuation looks excessive."

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