Jefferies analyst Akash Tewari downgraded Arvinas Inc. (NASDAQ: ARVN) from Buy to Hold with a price target of $10.00 (from $52.00).

The analyst comments "ARVN/PFE d/c vepdeg combo in 1L/2L+ after discussions w/ health authorities & data in the space suggested ER-targeted tx may be restricted to ESR1 mutants in 2L+. While Vepdeg mono could be meaningful oppt'y in 2L+ ESR1mut ER+/HER2- BC (we model PS ~$400Mn), to us, combo represented the bigger opportunity. We're downgrading to HOLD PT $52 → $10 post the update given 1) combo d/c; 2) pipeline assets are too early to assign value."

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Shares of Arvinas Inc. closed at $9.62 yesterday.