Arvinas price target lowered to $16 from $32 at Guggenheim

Guggenheim lowered the firm’s price target on Arvinas (ARVN) to $16 from $32 and keeps a Buy rating on the shares after the company reported Q1 results and provided a pipeline update. Arvinas and partner Pfizer (PFE) removed two previously planned Phase 3 combination studies of vepdegestrant with CDK4/6 inhibitors in first-line and second-line mBC, respectively, from their development plans, notes the analyst, who calls the news “disappointing,” but sees the decision as “prudent.”