Arvinas price target lowered to $51 from $63 at Stifel

Stifel analyst Bradley Canino lowered the firm’s price target on Arvinas (ARVN) to $51 from $63 and keeps a Buy rating on the shares. Management explicitly avoided any last-minute discussion of expectations for vepdegestrant monotherapy VERITAC-2 second line breast cancer data expected this quarter, but discussed plans for a topline release followed by medical conference presentation, the analyst noted. Embargo policies could limit the extent of press release details, which could be frustrating for the investors because the key debate isn’t if the trial will work, but if the efficacy is strong enough in the post-hoc subgroup with ESR1 wild-type, the analyst added.