Arvinas price target lowered to $32 from $48 at Barclays

Barclays lowered the firm’s price target on Arvinas (ARVN) to $32 from $48 and keeps an Overweight rating on the shares. The firm says it de-risked the company’s model further by reducing the first line contribution, yet it still sees significant upside in the shares. With the stock trading at 1.4-times cash, Barclays likes the risk/reward.