Arvinas price target raised to $59 from $33 at Wedbush

Wedbush raised the firm’s price target on Arvinas to $59 from $33 and keeps an Outperform rating on the shares. The firm notes Arvinas remains on track to complete enrollment in the Phase 3 VERITAC-2 study evaluating ER-degrader vepdegestrant/ARV-471 in the second half of 2024, as the program continues to broaden development to additional settings and lines. Based on the vepdeg data to date, Wedbush remains enthusiastic about study success, though points to additional Phase 3 studies in 1L with CDK4/6 inhibitor palbociclib and potentially soon to be initiated studies in combination in 1L and 2L as key additional value drivers. The firm sees a strong set up in 2024, as the company remains well capitalized.