Arvinas price target lowered to $10 from $20 at BMO Capital

BMO Capital analyst Evan Seigerman lowered the firm’s price target on Arvinas (ARVN) to $10 from $20 and keeps an Outperform rating on the shares. With the removal of two advanced Phase 3 trials, the firm is removing all expectation for first-line treatment with vepdegestrant at this time and only including expectations for ESR1m patients, the analyst tells investors. A one-third reduction in workforce is “challenging for clinical development, but makes strategic sense,” the analyst added.