Arvinas Inc (NASDAQ:ARVN) reported downbeat results for the first quarter on Tuesday.
The company posted quarterly losses of 90 cents per share which missed the analyst consensus estimate of losses of 87 cents per share. The company reported quarterly sales of $15.600 million which missed the analyst consensus estimate of $18.097 million.
Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) announced that it is entering an exclusive global licensing agreement with Arvinas and Pfizer Inc. (NYSE:PFE) for its oral PROTAC drug, VEPPANU (vepdegestrant).
“The approval of VEPPANU is a defining achievement for Arvinas and reflects the culmination of more than a decade of focused work to translate our PROTAC science into our first approved therapy,” said Randy Teel, Ph.D., President and Chief Executive Officer at Arvinas. “I’m proud to lead an organization advancing an industry-leading portfolio of degraders – one that has now joined the short list of those able to bring a new therapeutic modality from discovery to approval. As we move through the remainder of the year, our focus is on delivering key data and clinical milestones that we believe will further validate our approach and clearly distinguish our programs in an increasingly competitive environment.”
Arvinas shares rose 1.7% to trade at $9.74 on Wednesday.
These analysts made changes to their price targets on Arvinas following earnings announcement.
- BTIG analyst Jeet Mukherjee maintained Arvinas with a Buy and raised the price target from $16 to $18.
- Barclays analyst Etzer Darout maintained the stock with an Overweight rating and raised the price target from $18 to $20.
Considering buying ARVN stock? Here’s what analysts think:
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