BTIG notes Arvinas (ARVN) is down about 7% today, which the firm thinks is due to investors seeing a negative read-through to Arvinas from data from Eli Lilly’s (LLY) Phase 3 EMBER-3 trial in recurrent ER+/HER2- breast cancer given the “compelling” 9.4 months progression free survival seen with the imlunestrant plus abemaciclib combo. However, the firm says its assumption of a 3.5 to 4.5 months fulvestrant arm performance for VERITAC-2 remains intact and it continues to see vepdegestrant as a better degrader than imlunestrant. BTIG has a Buy rating and $69 price target on Arvinas shares.
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