So arbs typically underprice spinouts and cvr's because they have no interest in them. But even so, the lack of any apparent premium for these cvr's tells me the asset just isn't given much value as it sits.
So obviously trying to value something that isn't even IND-ready is highly spec at best, but that has never stopped anyone before. I look around and I'm seeing how much different posters are putting as valuation on preclinical assets and yeah - you can find examples and you don't have to go any further than ENTA in HCV.
But somehow people get sensitive when a comp isn't pricing out well.
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