Arvinas (NASDAQ:ARVN) Stock Price Up 8.6% – Time to Buy?

Arvinas, Inc. (NASDAQ:ARVN) shares rose 8.6% during trading on Wednesday . The company traded as high as $18.97 and last traded at $19.60. Approximately 93,449 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 775,078 shares. The stock had previously closed at $18.05.

Analysts Set New Price Targets

ARVN has been the topic of a number of recent research reports. BMO Capital Markets decreased their price objective on Arvinas from $90.00 to $88.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 20th. Barclays decreased their price objective on Arvinas from $48.00 to $32.00 and set an “overweight” rating on the stock in a research report on Monday. Guggenheim reissued a “buy” rating on shares of Arvinas in a research note on Thursday, December 12th. HC Wainwright reissued a “buy” rating and issued a $87.00 price target on shares of Arvinas in a research note on Wednesday, December 11th. Finally, BTIG Research assumed coverage on Arvinas in a research note on Tuesday, December 10th. They issued a “buy” rating and a $69.00 price target on the stock. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.45.

Arvinas Stock Performance

The stock has a fifty day simple moving average of $20.02 and a 200-day simple moving average of $23.73. The stock has a market cap of $1.34 billion, a P/E ratio of -4.22 and a beta of 1.88.

Hedge Funds Weigh In On Arvinas

A number of large investors have recently added to or reduced their stakes in ARVN. JPMorgan Chase & Co. grew its holdings in shares of Arvinas by 18.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,329,303 shares of the company’s stock valued at $57,371,000 after acquiring an additional 367,343 shares in the last quarter. Baker BROS. Advisors LP bought a new position in shares of Arvinas in the 3rd quarter valued at about $9,989,000. SG Americas Securities LLC grew its holdings in shares of Arvinas by 228.8% in the 4th quarter. SG Americas Securities LLC now owns 32,424 shares of the company’s stock valued at $622,000 after acquiring an additional 22,564 shares in the last quarter. Wasatch Advisors LP grew its holdings in shares of Arvinas by 58.3% in the 3rd quarter. Wasatch Advisors LP now owns 435,943 shares of the company’s stock valued at $10,737,000 after acquiring an additional 160,510 shares in the last quarter. Finally, Barclays PLC grew its holdings in shares of Arvinas by 198.9% in the 3rd quarter. Barclays PLC now owns 121,699 shares of the company’s stock valued at $2,998,000 after acquiring an additional 80,984 shares in the last quarter. Institutional investors own 95.19% of the company’s stock.

About Arvinas

Arvinas, Inc, a clinical-stage biotechnology company, engages in the discovery, development, and commercialization of therapies to degrade disease-causing proteins. The company engineers proteolysis targeting chimeras (PROTAC) targeted protein degraders that are designed to harness the body’s own natural protein disposal system to degrade and remove disease-causing proteins.