What happened

Shares of Myovant Sciences (NYSE:MYOV) are rising today, up by 12% as of 3:03 p.m. EST, after receiving some favorable coverage from the analyst community. The clinical-stage biotech skyrocketed earlier in the week in the wake of strong results in a phase 3 drug trial.

So what

First, Goldman Sachs Group reiterated its buy rating on Myovant and boosted its price target from $18 to $20. Not to be outdone, JMP Securities also reaffirmed its buy rating and has an even more bullish price target of $34. Both of these targets are significantly higher than Thursday's closing price of $12.43.

Pills on top of $100 bills

Image source: Getty Images.

Now what

Myovant's lead compound, relugolix, looks like the real deal. The company reported earlier in the week that 96.7% of men in the trial who have prostate cancer were able to sustain testosterone suppression to castrate levels. Relugolix also met all six of its secondary endpoints in the phase 3 study.

Management is targeting an FDA submission in the second quarter of 2020, with regulatory submissions in Europe and Japan soon after.

If relugolix can win regulatory approval and live up to its potential, then it wouldn't surprise me to see Myovant's stock continue to soar higher from here.