Arvinas Inc. (ARVN) PT Lowered to $20 at BMO Capital

BMO Capital analyst Etzer Darout lowered the price target on Arvinas Inc. (NASDAQ: ARVN) to $20.00 (from $82.00) while maintaining a Outperform rating.

The analyst comments "ESR1 Mutants Only: Arvinas' VERITAC-2 data fails to show stat sig PFS benefit vepdeg vs. fulvestrant in wt patient populations, likely limiting use in patients with ER+/HER2- advanced breast cancer to those with the ESR1 mutation. We're updating our Arvinas model to reflect no vepdeg market penetration in non-ESR1m patients and reducing our PoS and market penetration assumptions in ESR1m patients. Still, we think the move today was overdone, as we model cash at $13/sh. Still given the smaller opp'y for vepdeg we're cutting our target to $20 (from $82)."

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