Stock Alert: Myovant Sciences Surges To New 52-week High

Shares of Myovant Sciences Ltd. (MYOV) are gaining more than 28 percent or $6.44 in Monday's morning trade at $29.19, after hitting a new 52-week high of $30.90.

Monday, Myovant Sciences and Pfizer Inc. (PFE) said they will collaborate to develop and commercialize orgovyx (relugolix) in oncology and women's health in the U.S. and Canada in a deal valued up to $4.2 billion. Pfizer will receive an exclusive option to commercialize relugolix in oncology outside the U.S. and Canada, excluding certain Asian countries.

Relugolix is a once-daily, oral gonadotropin-releasing hormone (GnRH) receptor antagonist that reduces testicular testosterone and ovarian estradiol. Testicular testosterone is a hormone known to stimulate the growth of prostate cancer, while ovarian estradiol is a hormone known to stimulate the growth of uterine fibroids and endometriosis.

Myovant Sciences has traded in a range of $5.98 to $30.90 in the past 52 weeks.

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