British Biotech Stock Doubles on Upbeat Drug Data

MYOV options are reasonably priced at the moment

At the top of the Nasdaq this morning sits U.K.-based biotech Myovant Sciences Ltd (NYSE:MYOV), up 141% to trade at $14.62. Powering today's breakout is relugolix, the company's treatment for advanced prostate cancer that met its primary and secondary goals in a late-stage trial.

Myovant Sciences stock is now trading north of double digits for the first time since a late-May bear gap. It's set to be MYOV's best single-session gain ever by a wide margin, although the overhead 320-day moving average now looms as a ceiling.

A short squeeze could help the security topple that trendline. Short interest increased by 21% in the most recent reporting period to a record high 4.04 million shares. This takes up almost 14% of MYOV's total available float, or more than two weeks' worth of buying power, at its average pace of trading.

For those wanting to take advantage of the biotech stock's next leg higher, now is a good time to buy options premium. MYOV's Schaeffer's Volatility Index (SVI) of 154% ranks in the modest 7th percentile of its annual range, pointing to low short-term volatility expectations at the moment.