ARVN - Arvinas continue the upward trend after dual upgrades
Notwithstanding the $250M worth equity offering, Arvinas (ARVN) extends the near two-fold gain posted yesterday, rising another +25.9% in value as Roth and Guggenheim upgraded their price targets.In an announcement yesterday, the company highlighted the promising clinical updates to ARV-471 and ARV-11, two protein degraders targeting metastatic breast cancer and castration-resistant prostate cancer, respectively.Noting ‘an impressive clinical benefit rate’ from ARV-471 ‘in heavily treated breast cancer patients’, Roth analyst Zegbeh Jallah writes ‘planned drug filings to start studying medicines in humans for 2021 and 2022 “take on new meaning” as the updates for ARV-110 and ARV-471 showed “supportive proof of concept” results.’ The price target at $120 is more than double that of yesterday’s close.Maintaining the ‘Buy’ rating, Guggenheim analyst Michael Schmidt argues that the clinical results ‘further validate its platform and the targeted protein degrader approach in general’ raising the price target to $100 from $48.
For further details see:
Arvinas continue the upward trend after dual upgrades