BofA lowered the firm’s price target on Arvinas (ARVN) to $28 from $54 and keeps a Buy rating on the shares after the Phase 3 VERITAC-2 trial evaluating vepdegestrant met its primary endpoint in the ESR1m population but missed in the intent-to-treat population. The firm, which estimates second-line and later peak risk adjusted sales of $622M in 2037, down from a prior forecast of $636M in 2037, views yesterday’s selloff as “largely overdone and a particularly attractive entry point” given the company could start to generate sales as soon as 2026, the analyst tells investors.
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Read More on ARVN:
- Arvinas Holding Company: Promising ESR1m Subgroup Results and Strong Financial Position Support Buy Rating
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- Arvinas Holding Company: Strategic Positioning and Market Opportunities Amidst Challenges
- Arvinas Holding Company: Hold Rating Due to VERITAC-2 Trial Underperformance and Limited Market Uptake Potential
- Arvinas price target lowered to $10 from $19 at Citi