Arvinas price target lowered to $36 from $72 at Citi

Citi lowered the firm’s price target on Arvinas to $36 from $72 and keeps a Buy rating on the shares. The analyst views Arvinas’ decision to prioritize ARV-766 over bavdegalutamide for pivotal development as the right strategic move considering ARV-766’s broader degradation profile and the modest timeline delay in the long-run. However, the firm acknowledges there are “still details to iron out regarding the pivotal design given the landscape has evolved following Pluvicto’s approval.” With the shares trading at cash, Citi sees the stock’s risk/reward “looks very favorable: at the current entry point.