Arvinas (ARVN) reported promising test results for breast and prostate cancer treatments on Monday — sending ARVN stock soaring to a record high.
On today's stock market, ARVN stock skyrocketed 95.1% to 58.38. That put ARVN stock among the best-performing biotechs on Monday.
The biotech company is working on protein degradation. Arvinas' drugs send bad actor proteins to the cellular garbage disposal. In a Phase 1 test, one patient partially responded to Arvinas' experimental breast cancer treatment.
Meanwhile, a study in prostate cancer patients continues to show promise with prostate-specific antigen reductions of greater than 50%. High levels of prostate-specific antigen, or PSA, can be a sign of prostate cancer.
"Though these programs are at relatively early stages of clinical development (albeit with line of sight to potential approval paths), it's important that we point out that Arvinas is now two for two for clinical programs with promising (effectiveness) and safety data," Wedbush analyst Robert Driscoll said in a report to clients.
Raising The Price Target On ARVN Stock
Driscoll raised his price target on ARVN stock to 93 from 62. He also has an outperform rating on shares.
Arvinas tested its cancer treatments in patients who previously worsened on other drugs.
The tumor in one breast cancer patient shrank by 51% after treatment. Two other patients partially responded, but Arvinas says it still needs to confirm those results.
The cancer treatment was well tolerated. The most common side effects were nausea, joint pain, fatigue and decreased appetite. But none of the side effects were serious and none of the patients dropped out of the study.
In prostate cancer, two of five men with a specific genetic mutation had PSA reductions of more than 50%. That included one patient whose tumor shrank by 80%. Further, two out of 15 patients with another genetic mutation had greater than 50% PSA reductions.
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