Arvinas downgraded to Hold from Buy at TD Cowen

TD Cowen downgraded Arvinas (ARVN) to Hold from Buy without a price target following the cancellation of the vepdeg combo trials by the company’s partner Pfizer. TD previously thought vepdeg could be differentiated based on management’s comments, but it now believe this is “increasingly unlikely.” Further, the cancellation of the combo trials removes the largest market opportunity, the analyst tells investors in a research note.