Leerink Partners analyst Andrew Berens has maintained their bullish stance on ARVN stock, giving a Buy rating yesterday.
Andrew Berens has given his Buy rating due to a combination of factors surrounding the recent VERITAC-2 trial results for Arvinas Holding Company. The trial showed promising outcomes in the ESR1 mutant population, with the drug vepdegestrant achieving statistical significance in median progression-free survival compared to fulvestrant. This result, with a hazard ratio of 0.60, indicates a potential competitive edge over other treatments like elacestrant and imlunestrant, which had hazard ratios of 0.55 and 0.62 respectively.
Despite the trial not meeting statistical significance in the intent-to-treat population, Berens sees value in the ESR1 mutant limited label, estimating peak revenues of approximately $840 million. He also considers the possibility of convincing the FDA to approve vepdegestrant as a non-inferior, non-injectable alternative to fulvestrant, provided that overall survival trends favorably in the future. This potential, combined with the drug’s superior estrogen receptor degradation, supports the Buy rating despite some investor concerns about the lack of clarity on overall survival trends.
In another report released yesterday, BMO Capital also maintained a Buy rating on the stock with a $20.00 price target.
Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ARVN in relation to earlier this year.
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