Wells Fargo upgraded Arvinas to Overweight from Equal Weight with a price target of $63, up from $25. The firm thinks shares are cheap and vepdeg’s Phase 3 VERITAC-2 trial read out in the second half of 2024 seems even more de-risked post the SABCS updates. Wells further notes that Arvinas trades at about $1B enterprise value, with vepdeg potentially on the cusp of being a key backbone in ER+ breast cancer therapy.
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