Arvinas price target lowered to $40 from $50 at Oppenheimer

Oppenheimer lowered the firm’s price target on Arvinas (ARVN) to $40 from $50 and keeps an Outperform rating on the shares. The firm thought Arvinas’ first quarterly call was timely because it gave the company a chance to position itself ahead of several upcoming events. TACTIVE-U comes first-and Oppenheimer’s concerned vepdeg could be a victim of its own success: it doesn’t expect TACTIVE-U will look as good as vepdeg + palbo did at SABCS last year. The firm thought that combination sets an artificially high bar due to the DDI. A better comp is probably EMBER-3, also likely at SABCS. EMBER-3 could also complicate things for VERITAC-2, especially if that trial only works in ESR1-mutants, Oppenheimer says. The firm still thinks VERITAC-2 gets vepdeg on the market, although its commercial opportunity could be more limited.