** 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
(Reporting by Juby Babu in Mexico City)
((Juby.Babu@thomsonreuters.com;))
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