Arvinas initiated with an Overweight at Stephens

Stephens initiated coverage of Arvinas (ARVN) with an Overweight rating and $55 price target. The firm is adding to its Biotechnology research coverage with a focus on targeted protein degradation, or TPD, technology and commercial and clinical-stage rare disease-focused companies. Arvinas is a “leader in this TPD therapeutic technology” that is expected to have the first TPD approved for the market in the next 18-24 months, the analyst noted. Its lead asset is in combination with Pfizer’s (PFE) IBRANCE for advanced breast cancer and its pipeline is testing the first TPDs in neurologic disorders, the analyst added.