Arvinas falls after Leerink downgrades

Shares of drug developer Arvinas ARVN.O fall 3% to $6.98

Brokerage Leerink lowers ARVN's PT to $9 from $10; cuts rating to "market perform" from "outperform"

Leerink cuts ARVN rating due to pending visibility on whether it can unlock "vepdegestrant's fundamental value and create a compelling investment thesis"

ARVN and Pfizer's PFE.N experimental treatment, vepdegestrant, delayed progression of breast cancer by more than three months compared to AstraZeneca's AZN.L Faslodex in patients with ESR1 mutations

Commitment from PFE in developing vepdegestrant combinations remains uncertain, and it is unlikely another partnership strategy could materialize - Leerink

New rating reflects uncertainties on the market opportunity and path forward around vepdegestrant as well as the early stage of the pipeline - brokerage

ARVN has fallen 62.4% YTD, as of last close