A lesser-known British biotech is among eight pharma companies the publication Kiplinger encouraged readers to monitor for important key clinical trial results or regulatory approvals.
Myovant Sciences Ltd. (MYOV, Financial) has already delivered. The treatment it was collaborating on with Pfizer Inc. (PFE) earned the U.S. Food and Drug Administration's approval at the end of May. Myfembree is the first once-daily medication for the management of heavy menstrual bleeding associated with uterine fibroids in premenopausal women. Both companies will commercialize the product, which is expected to be on the market this month.
In the days following the approval, Myovant shares shot up to about $24.50 but have since eased to $20.80. It has traded as high as $31 in the past year.
Myovant’s stated mission is to combine science, medicine and advocacy to improve the lives of people suffering from uterine fibroids, endometriosis, prostate cancer or infertility.
The company’s other marketed product is Orgovyx, which is used in the treatment of advanced prostate cancer. Myovant's total revenue for the three months and year ended March 31 were $24.6 million and $59.3 million, with sales of Orgovyx coming in at $3.6 million for the first quarter and the full year. Collaboration revenue for the same periods were $21 million and $22.4 million.
The company’s net loss for the first three months of the year was $81.4 million compared to $64.9 million for the comparable prior-year period. The net loss was $255.1 million, down from $289.0 million in 2020.
Myovant has high hopes for a Myfembree combination tablet that is in three international phase 3 studies, two in women with endometriosis-associated pain and one in healthy women for the prevention of pregnancy. Also being evaluated is a drug that is a potential trigger of egg maturation in women undergoing assisted reproduction.
According to Yahoo Finance, analysts like the stock. Of six chiming in, four give it a buy and two a strong buy. They assigned it a median target price of $36.20 and a high of $55.
Investors also might want to play Myovant as a potential takeover target. Last year, it was tabbed by Biotech Investments as a company that might make an attractive acquisition. The two primary reasons it cited were the company’s need to link up to be able to compete with large pharma companies in both the prostate and uterine fibroid markets, as well as its significant cash burn.
Other companies Kiplinger suggested keeping an eye on are Bristol-Myers Squibb Co. (BMY, Financial), Provention Bio Inc. (PRVB, Financial), Vertex Pharmaceuticals Inc. (VRTX), Blueprint Medicines Corp. (BPMC, Financial), Sanofi SA (SNY, Financial) and Alkermes PLC (ALKS, Financial). Another was Biogen Inc. (BIIB), which we now know finally earned FDA approval of its controversial Alzheimer’s drug.
