Barclays Boosts Arvinas (NASDAQ:ARVN) Price Target to $16.00

Arvinas (NASDAQ:ARVN) had its price objective upped by investment analysts at Barclays from $15.00 to $16.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price suggests a potential upside of 63.02% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. HC Wainwright dropped their price objective on Arvinas from $24.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. Guggenheim dropped their price objective on shares of Arvinas from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 7th. Piper Sandler reissued an “overweight” rating and set a $16.00 target price on shares of Arvinas in a research note on Tuesday, October 7th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Arvinas in a research note on Wednesday, October 8th. Finally, Stephens cut their price target on Arvinas from $16.00 to $14.00 and set an “overweight” rating on the stock in a research note on Thursday, September 18th. Eleven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $16.39.

Arvinas Stock Up 2.6%

Shares of ARVN opened at $9.82 on Thursday. Arvinas has a 52-week low of $5.90 and a 52-week high of $28.75. The company has a market capitalization of $720.60 million, a PE ratio of -9.61 and a beta of 2.38. The stock has a fifty day simple moving average of $8.72 and a two-hundred day simple moving average of $7.89.

Arvinas (NASDAQ:ARVN) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($0.48) EPS for the quarter, topping the consensus estimate of ($0.75) by $0.27. Arvinas had a negative net margin of 19.47% and a negative return on equity of 12.01%. The firm had revenue of $41.90 million for the quarter, compared to analyst estimates of $29.36 million. During the same period in the prior year, the business posted ($0.68) EPS. The business’s revenue for the quarter was down 59.1% compared to the same quarter last year. As a group, equities analysts anticipate that Arvinas will post -3.81 earnings per share for the current fiscal year.

Arvinas declared that its Board of Directors has initiated a share repurchase program on Wednesday, September 17th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 17.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, Director Briggs Morrison purchased 30,000 shares of the stock in a transaction dated Monday, September 22nd. The stock was acquired at an average cost of $7.57 per share, for a total transaction of $227,100.00. Following the completion of the acquisition, the director directly owned 76,021 shares in the company, valued at $575,478.97. This represents a 65.19% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.73% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arvinas

A number of hedge funds have recently made changes to their positions in ARVN. Vanguard Group Inc. raised its holdings in Arvinas by 18.4% during the first quarter. Vanguard Group Inc. now owns 8,362,200 shares of the company’s stock worth $58,703,000 after purchasing an additional 1,299,639 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Arvinas during the first quarter valued at about $80,000. Monaco Asset Management SAM boosted its holdings in shares of Arvinas by 1,161.8% in the first quarter. Monaco Asset Management SAM now owns 315,459 shares of the company’s stock worth $2,215,000 after buying an additional 290,459 shares during the period. Palumbo Wealth Management LLC purchased a new position in shares of Arvinas in the second quarter worth approximately $492,000. Finally, Federated Hermes Inc. lifted its holdings in shares of Arvinas by 1,965.0% in the first quarter. Federated Hermes Inc. now owns 980,674 shares of the company’s stock valued at $6,884,000 after purchasing an additional 933,183 shares in the last quarter. Hedge funds and other institutional investors own 95.19% of the company’s stock.

Arvinas Company Profile

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.