Citi analyst Yigal Nochomovitz lowered the firm’s price target on Arvinas (ARVN) to $10 from $19 and keeps a Neutral rating on the shares after its VERITAC-2 trial failed to meet the primary progression-free survival endpoint in the intention-to-treat population. The firm noted that the lack of efficacy in ESR1wt patients is consistent with its prior expectations. Citi acknowledges the upside risk that Arvinas’ earlier pipeline could become interesting over time, especially given the stock is now trading well below cash, the firm told investors in a research note.
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Read More on ARVN:
- Arvinas and Pfizer Announce Positive Phase 3 Trial Results
- Promising Clinical Trial Results and Market Potential Drive Buy Rating for Arvinas Holding Company
- Arvinas downgraded at Oppenheimer after trial misses co-primary endpoint
- Arvinas downgraded to Perform from Outperform at Oppenheimer
- Arvinas, Pfizer announce VERITAC-2 achieved primary endpoint in Phase 3 trial
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