Great post by Bear.

I find it interesting that ESPR has a market cap 5X higher than RVX. 

In many ways, the Fourier study blew a giant hole in the LDL hypothesis and solidified RVX's argument of residual risk. Evoculumab did a great job obliterating LDL levels but had no mortality signal. The drug is dead at its current price except for very special situations. 

This has some interesting implications for ESPR. Their drug is oral, once a day and well tolerated. It lowers LDL quite effectively even in addition to high dose statins. So it probably at least has a role in the statin intolerant. However, does it have a larger role? I think ESPR will have to wait for the 2022 CVOT readout to see.  

Meanwhile, RVX is currently looking at a smaller (though significant) population for hard outcomes. No surrogate will cut it for RVX. However, the BETONMACE readout will be years before CVOT. 

Now, RVX certainly has its warts with the way its previous trials have read out. But they also own a new platform that could be infinitely more valuable with broader applicability than what ESPR has. 

So...once again...I conclude that RVX is significantly undervalued.

I don't know when the valuation gap will be bridged but it should be sooner than later. 

Bfw