Arvinas downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Paul Choi downgraded Arvinas (ARVN) to Neutral from Buy with a price target of $15, down from $70, after the company reported topline VERITAC-2 data in patients with ER+/HER2- breast cancer previously treated with CKD4/6 inhibitors plus endocrine therapy. Details are limited, but in hindsight, the firm was “clearly overly optimistic” in its expectations that vepdegestrant could differentiate itself from other SERDs and protein degraders that had similarly shown poor results in wild type patients, the analyst tells investors in a research note. However, the ITT – intent-to-treat population – not reaching statistical significance implies a limited treatment benefit, the firm added.