Cantor Fitzgerald analyst Eliana Merle raised her price target for Arvinas (ARVN) to $75 from $42 and reiterates an Overweight rating on the shares, which closed Thursday down $1.14 to $39.70.

The story for Protac and targeted protein degradation is just beginning, Merle tells investors in a research note. The analyst continues to have "high conviction" that Protac is one of the "most-promising" emerging novel modalities.

This modality could be an "oral CRISPR" with potential to reach previously undruggable targets, and could have disruptive efficacy versus traditional small molecules from degrading versus inhibiting target proteins, contends Merle. She notes that Arvinas was the first company to enter the clinic with targeted protein degraders.