Arvinas price target lowered to $52 from $62 at BofA

BofA lowered the firm’s price target on Arvinas to $52 from $62 and keeps a Buy rating on the shares. The firm replaced its standalone value for bavdegalutamide in its model with ARV-766 given the planned reprioritization, but notes that it models slightly lower 25% odds of success for ‘766 than bavdegalutamide’s 30% in third-line mCRPC given ‘766 is at an earlier stage and still needs clinical validation. The firm estimates launch in 2027 and peak-risk adjusted sales of $694M in 2038.