Arvinas price target lowered to $26 from $60 at Wells Fargo

Wells Fargo analyst Derek Archila lowered the firm’s price target on Arvinas (ARVN) to $26 from $60 and keeps an Overweight rating on the shares. The firm notes Vepdeg’s VERITAC-2 outcome is toward the low end of one of its base cases, and the scant details in the PR plus the lack of call raises concerns on its competitiveness. With shares trading well below cash, there is no value being assigned for vepdeg now, and Wells thinks if vepdeg proves not to be or only modestly better than SERDs, it likely has a hard road ahead. That said, it remains bullish given Arvinas’ meaningful cash should allow them to move forward other programs in the pipeline.