Arvinas downgraded to Hold from Buy at Truist

Truist analyst Srikripa Devarakonda downgraded Arvinas (ARVN) to Hold from Buy with a price target of $11, down from $21. The Phase 3 results from the company’s lead asset Vepdeg in HR+/HER2 breast cancer indicate a smaller total addressable market, the analyst tells investors in a research note. In addition, the firm believes the reprioritization of the Pfizer (PFE) partnered Vepdeg program “casts a shadow on broader and larger potential” of Vepdeg. Truist sees a lack of clinically advanced catalysts for Arvinas over the next few months.