Guggenheim analyst Michael Schmidt downgraded Arvinas (ARVN) to Neutral from Buy and removed his prior price target of $66 on the shares following company disclosures this week that he sees raising the development and timeline risks for lead program ARV-471. Arvinas disclosed that its combination studies of ARV-471 with Pfizer’s (PFE) palbociclib require additional dosing work and regulatory feedback before initiating Phase III development in first-line mBC and that initiation of the planned first-line mBC trial has been pushed back by about 6-12 months, noted Schmidt, who sees this extending the development gap versus potential competitor SERD programs from Roche (RHHBY), Eli Lilly (LLY) and AstraZeneca (AZN).
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