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Citi has downgraded Arvinas (NASDAQ:ARVN) to neutral, citing valuation following a recent run-up in the stock.
Citi noted the stock has soared over 200% in roughly the past three months, surpassing its prior price target of $36.
The bank also raised its unadjusted worldwide peak sales estimates to $3.6B from $1.8B for the product vepdeg, which increased its price target to $55.
“We believe risk/reward appears balanced and the current valuation, and thus are downgrading ARVN to neutral/high risk,” it added.
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