Oppenheimer says the firm was surprised by the announcement that Arvinas (ARVN) and partner Pfizer (PFE) were culling development of Vepdegestrant in frontline HR-positive breast cancer, effectively shuttering two planned Phase 3 trials after abandoning VERITAC-3 in January. Management said the decision was informed by Vepdeg’s performance in VERITAC-2, particularly its lackluster efficacy in ESR1-wt patients. The firm thinks the decision appears hasty ahead of persevERA’s highlyanticipated readout, which could show that oral SERDs can work in the frontline-“unless of course Arvinas’ management isn’t telling us the whole story.” Oppenheimer reiterates a Perform rating on Arvinas.
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