Promising Pipeline Developments and Strategic Shift Justify Buy Rating for Arvinas Holding CompanyValuations and Risks. Our price target of $18 is based on an equally-weighted composite of: (a) $18.6/share, as a 25x multiple of taxed and diluted $1.33 discounted back to and (b) an NPV of $18/ share (discounted cash flow analysis using an 14.0% discount rate and 1.0% growth rate, in line with the expected discount and growth parameters of an early development stage biotechnology company). Risks to achieving our price target include regulatory, commercial, clinical development, manufacturing, financial, liability and intellectual property risks.