Goldman Sachs downgraded Arvinas (ARVN) to Sell from Neutral with a price target of $6, down from $8. The firm says the “rapidly evolving” competitive landscape for hormone receptor-positive/HER2-negative metastatic breast cancer puts the company’s vepdegestrant at increasing risk of obsolescence. Arvinas competitors’ progress has taken some of the interest away from vepdegestrant and has made an out-licensing deal more challenging, the analyst tells investors in a research note. Goldman thinks the shares will largely trade on cash burn considerations.
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