Oppenheimer remains bullish on Arvinas amid waning enthusiasm over combo data
Oppenheimer notes that six months ago, Arvinas was arguably the biggest winner at SABCC, with ARV-471 + palbociclib combination data that looked better than the competition. Since then, the company's stock has pulled back. Arvinas put out additional data today from the same Phase 1 combo trial, but it seems the Street has largely turned a blind eye, the firm points out. Admittedly, the update only focused on longer-term follow-up, but it's clear that investors have concerns about the reproducibility of this data set amongst changes in the treatment landscape. For these reasons, Oppenheimer's valuation continues to center on VERITAC-2. The firm reiterates an Outperform rating on the shares with a price target of $70.
