Arvinas hits all-time low following Piper Sandler PT cut

Shares of drug developer Arvinas ARVN.O fall 5.6% to $6.19, hitting all-time low

Piper Sandler reduces price target to $24 from $67 on narrowed Vepdegestrant ESR1-mutant mBC approval; remains "overweight"

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 month

Vepdegestrant only helped to extend progression-free survival in a subgroup of participants with a specific gene mutation, the company said in March

ARVN is developing PROteolysis TArgeting Chimeras (PROTACs), which is a technique for the selective degradation of target proteins

PROTACs are novel technology never tested in man that may fail in the clinic; ARVN's partnerships may falter and it may require additional capital - Piper Sandler

Up to last close, stock had fallen nearly 66% YTD