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Stock Alert: Myovant Sciences Jumps After Positive Relugolix Data

Shares of Myovant Sciences Ltd. (MYOV) are gaining almost 7 percent in the morning trade on Monday, at $13.89. The stock has been trading in a range of $4.14 to $26.02 in the past 52 weeks.

Monday, Myovant Sciences announced positive one-year safety and efficacy data from the Phase 3 LIBERTY open-label extension study evaluating once-daily, oral relugolix combination therapy, in women with heavy menstrual bleeding associated with uterine fibroids.

The study of the relugolix combination therapy (relugolix 40 mg plus estradiol 1.0 mg and norethindrone acetate 0.5 mg) demonstrated an 87.7 percent response rate at one year, and, on average, an 89.9 percent reduction in menstrual blood loss from baseline, while maintaining bone mineral density.

Myovant said it expects to include the extension data in its New Drug Application or NDA submission for heavy menstrual bleeding associated with uterine fibroids anticipated in April 2020.

Myovant Sciences reported net loss for the third quarter that widened to $85.60 million from $70.63 million in the year-ago period, reflecting higher expenses. However, loss per share narrowed to $0.96 from $1.04 in the prior-year quarter on higher number of share count. On average, analysts polled by Thomson Reuters expected the company to report loss of $0.82 per share for the quarter.

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