Probability of Financial Distress (%) measures the probability that a company will go bankrupt in the upcoming year given its current financial position. A higher ratio indicates a larger probability of bankruptcy for the company, while a lower ratio indicates a healthier fundamental. As of today, Myovant Sciences's Probability of Financial Distress (%) is 0.41%.
Like the Altman Z-Score, the PFD measures a company's bankruptcy risk. However, the main drawback of the Z-score is it does not apply to banks and insurance companies. According to Investopedia, the concept of "working capital" does not apply to banks and insurance companies, as financial institutions do not have typical current assets or current liabilities like inventories or accounts payable.
Competitive Comparison
For the Biotechnology subindustry, Myovant Sciences's Probability of Financial Distress (%), along with its competitors' market caps and Probability of Financial Distress (%) data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Myovant Sciences Probability of Financial Distress (%) Distribution
For the Biotechnology industry and Healthcare sector, Myovant Sciences's Probability of Financial Distress (%) distribution charts can be found below:
* The bar in red indicates where Myovant Sciences's Probability of Financial Distress (%) falls into.
Myovant Sciences Probability of Financial Distress (%) Calculation
Probability of Financial Distress (%) (PFD) was developed by John Campbell, Jens Hilscher and Jan Szilagyi in their Search of Distress Risk. It measures the probability that a company will go bankrupt within the next 12 months given its current financial position.
The Probability of Financial Distress (%) was obtained by a logit probability model based on eight explanatory variables. The logit formula to compute the probability of financial distress (LPFD) is given below:
| LPFD | = | -20.12 * NIMTAAVG | + | 1.60 * TLMTA | - | 7.88 * EXRETAVG | + | 1.55 * SIGMA | - | 0.005 * RSIZE | - | 2.27 * CASHMTA | + | 0.070 * MB | - | 0.09 * PRICE | - | 8.87 |
| = | -5.50 |
The Probability of Financial Distress (%) (PFD) was then obtianed by:
| PFD | = | 1 | / | (1 + e^(-LPFD)) | * | 100% |
| = | 0.41% |
The eight explanatory variables are:
1. NIMTAAVG = Net Income to Market Total Assets
*Note that for companies reported quarterly, geometrically declining weighted quarterly Net Income data in latest four quarters are used.
2. TLMTA = Total liabilities to Market Total Assets
3. CASHMTA = Cash to Market Total Assets
For non-financial companies, CASHMTA is measured as:
4. EXRETAVG = Excess Return compared to the S&P 500
EXRETAVG is the weighted excess return compared to the S&P 500 in past 12 month. Geometrically declining weights are imposed on the monthly excess return to reflect lagged information. The weight is halved each quarter.
5. SIGMA = Standard Deviation of Daily Returns
For sigma, we use the annualized standard deviation of a company's returns over the past 92 days (or 63 trading days).
6. RSIZE = Relative Size
| RSIZE | = | log (Market Cap | / | Total Market Cap of S&P 500 companies) |
7. MB = Market to Adjusted Book Equity Ratio
8. PRICE
PRICE is measured as the log of the stock price, capped at log(15).
Myovant Sciences Business Description
Traded in Other Exchanges
Address
11-12 St. James’s Square, Suite 1, 3rd Floor, London, GBR, SW1Y 4LB
Myovant Sciences Ltd is a healthcare company focused on redefining care for women and for men. The company's lead product candidate is relugolix, a once-daily, oral GnRH receptor antagonist. It has three late-stage clinical programs for relugolix in uterine fibroids, endometriosis, and prostate cancer. The company is also developing MVT-602, an oligopeptide kisspeptin-1 receptor agonist, that has completed a Phase 2a study for the treatment of female infertility as part of assisted reproduction.
Executives
| Potter Myrtle S |
director |
10 FINDERNE AVE BRIDGEWATER NJ 08807 |
| Guinan Mark |
director |
C/O QUEST DIAGNOSTICS 500 PLAZA DRIVE SECAUCUS NJ 07094 |
| Arjona Ferreira Juan Camilo |
officer: Chief Medical Officer |
C/O MYOVANT SCIENCES INC. 2000 SIERRA POINT PARKWAY, 9TH FLOOR BRISBANE CA 94005 |
| Curran Terrie |
director |
C/O MYOVANT SCIENCES INC. 320 WEST 37TH STREET, 5TH FLOOR NEW YORK NY 10018 |
| Gulfo Adele M. |
director |
ONE NEENAH CENTER, 4TH FLOOR P.O. BOX 669 NEENAH WI 54957 |
| Sebelius Kathleen |
director |
C/O DERMIRA, INC. 275 MIDDLEFIELD ROAD, SUITE 150 MENLO PARK CA 94025 |
| Lang Matthew |
officer: General Counsel & Corp. Secy. |
C/O MYOVANT SCIENCES INC. 2000 SIERRA POINT PARKWAY, 9TH FLOOR BRISBANE CA 94005 |
| Sumitomo Chemical Co., Ltd. |
10 percent owner |
27-1, SHINKAWA 2-CHOME CHUO-KU TOKYO M0 104-8260 |
| Sumitovant Biopharma Ltd. |
10 percent owner |
C/O ROIVANT SCIENCES, INC. 320 WEST 37TH STREET, 5TH FLOOR NEW YORK NY 10018 |
| Dainippon Sumitomo Pharma Co Ltd |
10 percent owner |
60 WALL STREET NEW YORK NY 10005 |
| Seely Lynn |
director, officer: Principal Executive Officer |
501 2ND STREET SUITE 211 SAN FRANCISCO CA 94107 |
| Sablich Kim |
officer: Chief Commercial Officer |
C/O MYOVANT SCIENCES INC. 2000 SIERRA POINT PARKWAY BRISBANE CA 94005 |
| Nomura Hiroshi |
director |
C/O MYOVANT SCIENCES INC. 2000 SIERRA POINT PARKWAY BRISBANE CA 94005 |
| Roivant Sciences Ltd. |
10 percent owner |
CLARENDON HOUSE 2 CHURCH STREET HAMILTON D0 HM11 |
| Torti Frank |
director |
2855 SAND HILL ROAD MENLO PARK CA 94025 |
Myovant Sciences Headlines
By Seekingalpha 2022-01-02
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