Arvinas price target lowered to $24 from $67 at Piper Sandler

Piper Sandler lowered the firm’s price target on Arvinas (ARVN) to $24 from $67 on narrowed vepdegestrant ESR1-mutant mBC approval, while keeping an Overweight rating on the shares. The firm notes Phase I SAD/MAD data showed ARV-102 degrades LRRK2 in healthy volunteers. Arvinas will report SAD data and initiate MAD cohorts in Parkinson’s patients this year. The Phase III VERITAC-2 trial of vepdegestrant met the primary mPFS endpoint vs. fulvestrant in 2nd-line ESR1-mutant ER+/HER2- mBC patients. Arvinas and Pfizer (PFE) will present data at a medical meeting and submit regulatory filings, which could lead to approval in 2026.