BTIG raised the firm's price target on Arvinas (ARVN) to $18 from $16 and keeps a Buy rating on the shares. Along with its Q1 results, the company announced it was selected by Rigel Pharmaceuticals (RIGL) as the third-party commercial partner for VEPPANU, receiving $85M upfront and up to $320M in future milestones, which removes the key commercial overhang, gets VEPPANU to patients, and provides Arvinas proceeds to reinvest into its wholly owned pipeline, the analyst tells investors in a research note.
