Arvinas downgraded to Hold at Jefferies after Vepdeg development decision

As previously reported, Jefferies downgraded Arvinas (ARVN) to Hold from Buy with a price target of $10, down from $52, following the company and partner Pfizer’s (PFE) announcement this morning to discontinue previously planned Vepdeg combos in first-line and second-line treatment. The firm had previously upgraded Arvinas in 2023 after Vepdeg plus Palbo showed competitive mPFS, but “clearly that thesis was wrong” and its now moving to sidelines to wait for more clarity on the path forward and further data on pipeline assets, the analyst tells investors.