Arvinas (ARVN) very weak today back near multi-month lows but sees aggressive buy 1500 April $25 calls $4.80 to $5.80. The $1.57B Biotech now trades 1.4X Cash and 5X expected Sales. BTIG recently started shares at Buy with a $69 target saying the company’s lead program, vepdegestrant, is a potent ER degrader for being developed for ER+/HER2- breast cancer, with data from the Phase 3 VERITAC-2 trial in the second line setting expected in Q1 of FY25. BTIG sees shares up 15%-25% from current levels in its base case scenario and with cash of $1.1B and runway into 2027, the company trades at its $650M enterprise value and ascribes little credit to the compelling vepdegestrant franchise headed into a key clinical readout,