Biotech company Arvinas could see its shares rally from a potential medium- to long-term commercial opportunity, according to Goldman Sachs.
The firm initiated coverage on Arvinas with a buy rating and price target of $70.
That suggests 68.7% upside potential from where shares closed Wednesday.
According to analyst Paul Choi, breast cancer drug vepdegestrant (ARV-471), which is being co-developed by Arvinas and Pfizer , presents an "underappreciated" commercial opportunity.
Arvinas has a "differentiated protein degrader platform that could expand several major markets," Choi wrote in a Thursday note.
Persons:
Goldman Sachs, Paul Choi, Arvinas, Choi, — CNBC's Michael Bloom
Organizations:
Biotech, Arvinas, Pfizer