Wedbush became the latest brokerage to downgrade Arvinas (NASDAQ:ARVN) on Wednesday after the company posted underwhelming late-stage trial data for vepdegestrant, an experimental breast cancer therapy it co-develops with Pfizer (NYSE:PFE).

Pfizer and Arvinas' experimental breast cancer treatment failed to delay the progression of the disease in a broader group of patients in a late-stage trial, sending the Connecticut-based biotech's shares down 36% before the bell.

Arvinas and Pfizer's drug vepdegestrant reduced the risk of tumor progression 40% compared to standard treatment for an ESR1-mutated population.