Arvinas rises as Wells Fargo upgrades to "overweight", raises PT

Arvinas

19/12/2023 14:10

** Shares of drug developer Arvinas  ARVN.O  up 7.3% at $38
premarket 
    ** Wells Fargo upgrades stock's rating to "overweight" from
"equal-weight" 
    ** Brokerage sees promise in the drug ARV-471, a potential
treatment for a type of breast cancer, being developed with
Pfizer  PFE.N ; late-stage trial data expected in H2'24 
    ** Raises PT to $63 from $25, which represents a ~77% upside
to stock's last closing price of $35.43 
    ** Sees ARVN and PFE's recent early-stage trial, testing
ARV-471 in combination with Pfizer's breast cancer treatment
Ibrance, data as highly encouraging 
    ** Companies plan to broaden ARV-471's development to
include new combinations in both the first- and second-line
settings
    ** Brokerage says extended development plans increases
potential commercial opportunity in breast cancer treatment 
    ** As of last close, ARNV stock up 3.6% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))