Stifel Reiterates Buy Rating on Arvinas Inc. (ARVN)

Stifel analyst Bradley Canino reiterated a Buy rating and $63.00 price target on Arvinas Inc. (NASDAQ: ARVN).

The analyst commented: "ARVN/Pfizer’s vepdegestrant (ER PROTAC) VERITAC-2 is a highly de-risked ph.3 HR+ breast cancer study given the success of an analogous drug elacestrant in a similar 2021 study. However, for stock performance, we believe vepdegestrant monotherapy’s competitive differentiation and commercial relevance outweigh a statistical data win. A similar ESR1m subgroup benefit and label to elacestrant (and likely Lilly’s upcoming imlunestrant) leaves a modest ~$500mm market to split across three drugs. This is the base case supported by the ph.1 data, and likely sees ARVN +~20% on approvable efficacy driven by the ESR1m subgroup; however, ARVN could double on a low-probability upside case where investors believe in sufficient efficacy to support a unique ESR1wt label, which could generate >$1bn without competition. Lilly’s EMBER-3 trial reports first, and we highlight patient population differences (prior CDK4/6i not required) that necessitate cross-trial comparison to ARVN/Pfizer's trial on PFS HR and mPFS delta over control, not absolute mPFS."

For an analyst ratings summary and ratings history on Arvinas Inc. click here. For more ratings news on Arvinas Inc. click here.

Shares of Arvinas Inc. closed at $27.11 yesterday.

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