Arvinas downgraded at Oppenheimer after trial misses co-primary endpoint

Oppenheimer downgraded Arvinas (ARVN) to Perform from Outperform and removed the firm’s price target on the shares after the company announced that VERITAC-2 had missed on the all-comers co-primary endpoint though the ESR1-mutant co-primary endpoint hit. The firm is “not surprised by the initial stock reaction” given that the majority of investors polled in a recent survey said they wanted to see the trial hit on the Intention-to-Treat endpoint and argues that without an ITT win it will be “hard for Vepdeg to differentiate itself in an increasingly competitive field.”