Myovant Sciences (NYSE: MYOV) clarified on Sunday that it was rejecting the preliminary, non-binding offer from Sumitovant Biopharma Ltd. and Sumitomo Pharma Co. Sumitovant, which currently has a 52% stake in Myovant, has offered to acquire the remaining shares of the company for a price of $22.75 per share in cash.
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The pharma company stated that the Board of Directors has formed a Special Committee to evaluate and consider the offer and after a review, had determined “that it significantly undervalues the Company and, therefore, is not in the best interests of the Company or its minority shareholders.”
Is Myovant a Buy?
Wall Street analysts are bullish about MYOV with a Strong Buy consensus rating based on four Buys and one Hold.
The average price target for MYOV stock is $20.40 implying an upside potential of 13.6%.
