Here's Why Arvinas Shares Are Tumbling 13.7% Today
After an abstract for its clinical-stage prostate cancer drug was released ahead of an upcoming presentation at the American Society of Clinical Oncology (ASCO) virtual annual meeting later this month, shares in Arvinas, Inc. (NASDAQ: ARVN) are tumbling. As of 12:15 p.m. EDT Thursday, shares are down 13.7%.
The annual ASCO conference is one of the most highly anticipated events in healthcare. Biotech companies like Arvinas use the meeting to highlight progress toward developing more effective treatments, and often data presented at the conference can cause big swings in biopharma stock prices. As a result, abstracts outlining results to be presented at the conference are worth watching.
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