Arvinas initiated with a Buy at BTIG

BTIG analyst Jeet Mukherjee initiated coverage of Arvinas (ARVN) with a Buy rating and $69 price target The company’s lead program, vepdegestrant, is a potent ER degrader for being developed for ER+/HER2- breast cancer, with data from the Phase 3 VERITAC-2 trial in the second line setting expected in Q1 of FY25, he analyst tells investors in a research note. The firm’s trial analysis is “leaning positively” into the stock ahead of the readout, where BTIG sees shares up 15%-25% from current levels in its base case scenario, the analyst adds. With cash of $1.1B and runway into 2027, the company trades at its $650M enterprise value and ascribes little credit to the “compelling” vepdegestrant franchise headed into a key clinical readout, BTIG stated.