Connor Clark & Lunn Investment Management Ltd. Acquires New Position in Arvinas, Inc. $ARVN

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Arvinas, Inc. (NASDAQ:ARVN) during the second quarter, HoldingsChannel.com reports. The firm bought 86,203 shares of the company’s stock, valued at approximately $634,000.

Other institutional investors also recently bought and sold shares of the company. Alyeska Investment Group L.P. purchased a new position in shares of Arvinas during the 1st quarter worth $12,636,000. Vanguard Group Inc. increased its stake in Arvinas by 18.4% in the first quarter. Vanguard Group Inc. now owns 8,362,200 shares of the company’s stock valued at $58,703,000 after purchasing an additional 1,299,639 shares during the last quarter. Philosophy Capital Management LLC purchased a new position in Arvinas during the first quarter worth about $6,992,000. Federated Hermes Inc. boosted its stake in Arvinas by 1,965.0% in the 1st quarter. Federated Hermes Inc. now owns 980,674 shares of the company’s stock worth $6,884,000 after buying an additional 933,183 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in Arvinas by 208.4% in the 1st quarter. Millennium Management LLC now owns 1,310,326 shares of the company’s stock valued at $9,198,000 after buying an additional 885,483 shares during the period. 95.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on ARVN shares. Piper Sandler reiterated an “overweight” rating and set a $16.00 price objective on shares of Arvinas in a report on Tuesday, October 7th. Barclays increased their price target on shares of Arvinas from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Bank of America cut shares of Arvinas from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research note on Wednesday, September 24th. The Goldman Sachs Group restated a “sell” rating and set a $6.00 price objective (down from $8.00) on shares of Arvinas in a report on Wednesday, October 15th. Finally, HC Wainwright reduced their target price on Arvinas from $24.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Eleven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $16.39.

Arvinas Price Performance

NASDAQ:ARVN opened at $11.53 on Thursday. The business’s 50-day moving average is $9.35 and its two-hundred day moving average is $8.04. The firm has a market capitalization of $740.46 million, a PE ratio of -14.23 and a beta of 2.38. Arvinas, Inc. has a 12 month low of $5.90 and a 12 month high of $27.00.

Arvinas (NASDAQ:ARVN) last issued its earnings results on Wednesday, November 5th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.75) by $0.27. The company had revenue of $41.90 million during the quarter, compared to the consensus estimate of $29.36 million. Arvinas had a negative return on equity of 9.77% and a negative net margin of 18.73%.The company’s revenue was down 59.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.68) earnings per share. Equities analysts anticipate that Arvinas, Inc. will post -3.81 EPS for the current year.

Arvinas declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, September 17th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 17.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Arvinas

In other news, Director Briggs Morrison acquired 30,000 shares of the stock in a transaction on Monday, September 22nd. The stock was bought at an average price of $7.57 per share, with a total value of $227,100.00. Following the completion of the transaction, the director directly owned 76,021 shares of the company’s stock, valued at $575,478.97. The trade was a 65.19% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.73% of the stock is owned by company insiders.

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.