Myovant Sciences Ltd (NYSE:MYOV) Sees Large Growth in Short Interest

Myovant Sciences Ltd (NYSE:MYOV) was the recipient of a large increase in short interest in September. As of September 30th, there was short interest totalling 3,300,000 shares, an increase of 25.0% from the August 30th total of 2,640,000 shares. Based on an average daily volume of 332,800 shares, the days-to-cover ratio is currently 9.9 days. Currently, 11.4% of the company’s shares are sold short.

MYOV traded up $0.04 on Friday, reaching $4.83. 152,955 shares of the company’s stock were exchanged, compared to its average volume of 445,750. The company’s 50 day moving average is $6.40 and its 200-day moving average is $11.25. The company has a market cap of $428.40 million, a price-to-earnings ratio of -1.18 and a beta of 0.90. Myovant Sciences has a twelve month low of $4.57 and a twelve month high of $26.02. The company has a debt-to-equity ratio of 1.24, a quick ratio of 3.42 and a current ratio of 3.42.

Myovant Sciences (NYSE:MYOV) last posted its earnings results on Tuesday, August 6th. The company reported ($0.89) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.95) by $0.06. Sell-side analysts forecast that Myovant Sciences will post -3.13 EPS for the current year.

A number of research firms recently issued reports on MYOV. Cowen reissued a “buy” rating on shares of Myovant Sciences in a research report on Friday, September 6th. ValuEngine raised shares of Myovant Sciences from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Svb Leerink began coverage on shares of Myovant Sciences in a research report on Monday, August 19th. They set an “outperform” rating and a $26.00 target price for the company. Goldman Sachs Group began coverage on shares of Myovant Sciences in a research report on Wednesday, August 28th. They set a “buy” rating and a $20.00 target price for the company. Finally, Zacks Investment Research downgraded shares of Myovant Sciences from a “buy” rating to a “hold” rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $22.18.

Large investors have recently modified their holdings of the business. Tower Research Capital LLC TRC acquired a new stake in Myovant Sciences in the second quarter valued at approximately $60,000. Northern Trust Corp acquired a new stake in Myovant Sciences in the second quarter valued at approximately $105,000. Atria Investments LLC grew its position in Myovant Sciences by 87.9% in the second quarter. Atria Investments LLC now owns 22,915 shares of the company’s stock valued at $162,000 after acquiring an additional 10,720 shares in the last quarter. OneAscent Financial Services LLC acquired a new stake in Myovant Sciences in the second quarter valued at approximately $172,000. Finally, Virtus ETF Advisers LLC acquired a new stake in Myovant Sciences in the second quarter valued at approximately $279,000. 40.29% of the stock is owned by institutional investors.

About Myovant Sciences

Myovant Sciences Ltd., a clinical-stage biopharmaceutical company, focuses on developing and commercializing therapies for women's health and endocrine diseases. The company's lead product is relugolix, an oral, once-daily, small molecule that acts as a gonadotropin-releasing hormone receptor antagonist for the treatment of heavy menstrual bleeding related with uterine fibroids, endometriosis-associated pain, and advanced prostate cancer.

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