Truist analyst Joon Lee lowered the firm’s price target on Arvinas (ARVN) to $21 from $65 and keeps a Buy rating on the shares as part of a broader research note on Biotech. The firm expects Arvinas to seek Vepdeg FDA approval but believes a label restricted to ESR1mut pts is likely for monotherapy, and Truist is updating its estimates to reflect a revised commercialization potential for Vepdeg resulting in peak sales of $1B vs. $1.8B consensus, the analyst tells investors in a research note.
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