ARVN - Arvinas stock down 17% after Wedbush downgrades to neutral

Arvinas (NASDAQ:ARVN -17.0%) stock falls after Wedbush downgraded rating to neutral from outperform and lowered PT to $48 from $98. Wedbush said it sees increased development challenges to breast cancer treatment, ARV-471, in light of recent study failures for oral SERDs amcenestrant (Sanofi) and giredestrant (Roche) in late line ER+/HER2-breast cancer patient. "While we acknowledge that ARV-471 has a different mechanism of action to SERDs, and Ph 1 dose-escalation data for ARV-471 appears to show clinical benefit in both ESR1 wildtype and ESR1m patients, we believe ARVN may decide to at least enrich for ESR1m in any registration-directed late line study, thus potentially limiting the initial opportunity," Wedbush analyst Robert Driscoll said. "We are stepping to the sidelines as we await clinical updates for ARV-471 in 2H:22 from the VERITAC Ph 2 study, as well as further insight into clinical development next steps," Driscoll added. ARV-471 is expected to enter two

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Arvinas stock down 17% after Wedbush downgrades to neutral