Myovant Sciences Stock Skyrockets After Rejecting Buyout Offer

The stock earlier hit a one-year high

Deputy Editor
Oct 3, 2022 at 10:24 AM
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Myovant Sciences Ltd (NYSE:MYOV) stock is soaring today, up 35.7% at $24.48 at last glance, after the biopharmaceutical name rejected a buyout offer from Japan-based Sumitomo Pharma. Myovant said that the $2.5 billion takeover bid "significantly undervalues" the company. 

This bull gap had MYOV hit a fresh one-year high of $24.85. Longer term, the stock had recently found support at its $16.50 level as well as its 320-day moving average. Year-to-date, the equity is up roughly 56%. 

MYOV's typically quiet options pits are bursting with activity today, as overall options volume is running at 21 times the intraday average. The October 20 and 25 calls are the most active, with new positions being sold to open at the October 22.50 put. 

It's also worth noting that short interest represents 7.3% of the stock's available float. At MYOV's average pace of trading, it would take over four days to buy back these bearish bets. 

Lastly, MYOV ranks low on the Schaeffer's Volatility Scorecard (SVS), with a score of just 2 out of 100. In other words, the security has consistently realized lower volatility than its options have priced in, making the stock a potential premium-selling candidate.

 

 

 

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