10:31 AM EDT, 03/12/2025 (MT Newswires) -- Arvinas ( ARVN ) and Pfizer's (PFE) vepdegestrant product candidate for the treatment of breast cancer is likely to have a restricted label given recent updates from a phase 3 trial of the monotherapy, Wedbush Securities said in a note Wednesday.

The companies said Tuesday that a phase 3 clinical trial of vepdegestrant as an investigational treatment for advanced or metastatic breast cancer met its primary endpoint in the estrogen receptor 1-mutant, or ESR1m, population, but did not reach statistical significance in progression-free survival improvement in the intent-to-treat population.

Wedbush said it expects vepdegestrant to be approved for the ESR1m patients based on the study, but flagged concerns over data on the intent-to-treat population.

"We have less confidence in the ability of vepdegestrant to differentiate as a combination agent in earlier lines of therapy," Wedbush said. The investment firm also noted the "lack of momentum" for Arvinas' ( ARVN ) pipeline.

Wedbush downgraded Arvinas ( ARVN ) to neutral from outperform, and slashed the price target to $12 from $57.

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