Arvinas falls after Leerink's price target cut

Shares of drug developer Arvinas ARVN.O fall 3.4% to $8.70

Brokerage Leerink lowers PT to $12 from $49, maintains "outperform" rating

Despite disappointing topline results for vepdegestrant, staying the course and remaining outperform pending detailed data release and visibility on a number of key value levers - Leerink

Vepdegestrant, ARVN and Pfizer's PFE.N oral drug, failed to delay progression of breast cancer in patients with most common type of the disease in a late-stage trial last week

It is too early to assume that vepdeg is inferior to elacestrant, as the failure in the intention-to-treat population could have been driven by a number of factors - brokerage

Elacestrant is used to treat certain types of hormone receptor-positive breast cancer

As of last close, ARVN down 53% YTD