Citi analyst Yigal Nochomovitz lowered the firm’s price target on Arvinas (ARVN) to $10 from $19 and keeps a Neutral rating on the shares after its VERITAC-2 trial failed to meet the primary progression-free survival endpoint in the intention-to-treat population. The firm noted that the lack of efficacy in ESR1wt patients is consistent with its prior expectations. Citi acknowledges the upside risk that Arvinas’ earlier pipeline could become interesting over time, especially given the stock is now trading well below cash, the firm told investors in a research note.
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