BofA downgraded Arvinas (ARVN) to Neutral from Buy with a price target of $10, down from $16. The firm cites the company and Pfizer (PFE) announcing that they plan to find a partner to develop metastatic breast cancer drug vepdeg, the analyst tells investors in a research note. BofA notes that the pan calling for selecting a 3rd party to out-license the dug “introduces significant uncertainty” around the timing of vepdeg commercialization.
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