Arvinas Inc. (ARVN) PT Lowered to $40 at Oppenheimer

Oppenheimer analyst Matthew Biegler lowered the price target on Arvinas Inc. (NASDAQ: ARVN) to $40.00 (from $50.00) while maintaining a Outperform rating.

The analyst commented: "We thought Arvinas’ first quarterly call was timely because it gave the company a chance to position itself ahead of several upcoming events. TACTIVE-U (vepdeg + abema) comes first—and we’re concerned vepdeg could be a victim of its own success: We don’t expect TACTIVE-U will look as good as vepdeg + palbo did at SABCS last year (42% ORR). We thought that combination set an artificially high bar due to the DDI. A better comp is probably EMBER-3, also likely at SABCS. EMBER-3 could also complicate things for VERITAC-2 (vepdeg monotherapy)—especially if that trial only works in ESR1-mutants. We still think VERITAC-2 gets vepdeg on the market, although its commercial opportunity could be more limited. Reiterate Outperform; PT to $40 (from $50)."

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