Arvinas price target lowered to $20 from $82 at BMO Capital

BMO Capital analyst Etzer Darout lowered the firm’s price target on Arvinas (ARVN) to $20 from $82 and keeps an Outperform rating on the shares. The firm cites the company’s VERITAC-2 data failing to show statistical significance progression-free survival – PFS – benefit for vepdeg vs. fulvestrant in wt patient populations, likely limiting use in patients with ER+/HER2- advanced breast cancer to those with the ESR1 mutation, the analyst tells investors in a research note. The firm is updating its model to reflect no vepdeg market penetration in non-ESR1m patients and reducing its probability of success and market penetration assumptions in ESR1m patients.