Arvinas price target lowered to $32 from $57 at Guggenheim

Guggenheim analyst Michael Schmidt lowered the firm’s price target on Arvinas (ARVN) to $32 from $57 and keeps a Buy rating on the shares after updating the firm’s model and estimates following the announcement of topline results from the company’s Phase 3 VERITAC-2 clinical trial of ER-degrader vepdegestrant. Following the data, the firm is increasing its monotherapy success probability, lowering its odds of success assumption in second-line metastatic breast cancer as part of combinations in all-comers to 30% from 50% and removing its first-line mBC estimates, the analyst noted.