Wedbush upgraded Arvinas to Outperform from Neutral with a price target of $24, down from $27. As expected, the company announced plans to de-prioritize bavdegalutamide in favor of ARV-766, with updated data confirming a more broad AR-mutant degradation profile and more favorable safety/tolerability for ARV-766 that has a more viable development path forward, the analyst tells investors in a research note. The firm pushed back potential approval for an AR-ligand binding mutation Protac program, but says this is offset somewhat by the potential for a larger opportunity. It upgrades the shares following the recent selloff, and points to potential for positive Phase 3 data for Arvinas’ lead ER-degrader program in the second half of 2024..
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Read More on ARVN:
- Arvinas price target lowered to $55 from $70 at Piper Sandler
- Arvinas upgraded to Outperform from Neutral at Wedbush
- Arvinas presents interim data from Phase 1/2 clinical trial for bavdegalutamide
- Potential of Arvinas’ PROTAC® AR Degraders Reinforced by 11.1 months rPFS with Bavdegalutamide and Updated Positive Interim Data from Second Generation ARV-766 in mCRPC
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