Arvinas (NASDAQ:ARVN) Shares Up 9.9% – What’s Next?

Arvinas, Inc. (NASDAQ:ARVN)’s share price rose 9.9% during mid-day trading on Friday . The company traded as high as $10.33 and last traded at $10.8810. Approximately 222,458 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 810,316 shares. The stock had previously closed at $9.90.

Analysts Set New Price Targets

ARVN has been the topic of a number of recent analyst reports. Zacks Research cut Arvinas from a “hold” rating to a “strong sell” rating in a research report on Monday. Wedbush lifted their target price on Arvinas from $9.00 to $11.00 and gave the company a “neutral” rating in a research report on Tuesday, February 24th. Piper Sandler reiterated an “overweight” rating and issued a $20.00 target price (up from $16.00) on shares of Arvinas in a research report on Wednesday, February 25th. Citigroup lifted their target price on Arvinas from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, March 19th. Finally, Wall Street Zen cut Arvinas from a “hold” rating to a “sell” rating in a research report on Monday, March 2nd. Ten equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Arvinas presently has a consensus rating of “Hold” and a consensus price target of $13.88.

Arvinas Price Performance

The company has a market capitalization of $672.22 million, a P/E ratio of -8.21 and a beta of 1.97. The company has a fifty day moving average price of $11.54 and a two-hundred day moving average price of $11.63.

Arvinas (NASDAQ:ARVN) last released its quarterly earnings results on Tuesday, February 24th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.55). The firm had revenue of $9.50 million for the quarter, compared to the consensus estimate of $37.26 million. Arvinas had a negative return on equity of 14.25% and a negative net margin of 30.77%.The business’s revenue for the quarter was down 84.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.63) earnings per share. As a group, sell-side analysts forecast that Arvinas, Inc. will post -3.26 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Briggs Morrison acquired 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 6th. The shares were bought at an average cost of $13.40 per share, with a total value of $268,000.00. Following the completion of the purchase, the director directly owned 96,021 shares in the company, valued at $1,286,681.40. The trade was a 26.31% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, insider Noah Berkowitz sold 6,435 shares of Arvinas stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $11.10, for a total value of $71,428.50. Following the completion of the transaction, the insider directly owned 202,503 shares in the company, valued at approximately $2,247,783.30. This represents a 3.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 63,864 shares of company stock valued at $802,443 over the last 90 days. 4.73% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arvinas

Several institutional investors have recently added to or reduced their stakes in the business. Armistice Capital LLC lifted its stake in Arvinas by 50.0% in the fourth quarter. Armistice Capital LLC now owns 1,800,000 shares of the company’s stock valued at $21,348,000 after buying an additional 600,000 shares during the period. TCG Crossover Management LLC acquired a new position in Arvinas in the third quarter valued at approximately $13,780,000. Qube Research & Technologies Ltd lifted its stake in Arvinas by 154.8% in the third quarter. Qube Research & Technologies Ltd now owns 1,486,864 shares of the company’s stock valued at $12,668,000 after buying an additional 903,337 shares during the period. Millennium Management LLC lifted its stake in Arvinas by 208.4% in the first 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. Finally, Balyasny Asset Management L.P. lifted its stake in Arvinas by 469.1% in the third quarter. Balyasny Asset Management L.P. now owns 1,207,267 shares of the company’s stock valued at $10,286,000 after buying an additional 995,125 shares during the period. 95.19% of the stock is owned by institutional investors and hedge funds.

Arvinas Company Profile

Arvinas, Inc (NASDAQ: ARVN) is a biopharmaceutical company focused on the development of therapies based on targeted protein degradation. Utilizing its proprietary proteolysis-targeting chimera (PROTAC®) platform, Arvinas aims to selectively eliminate disease-causing proteins rather than merely inhibit their activity. This novel approach has the potential to address a range of diseases, including oncology, neurodegeneration and inflammation, by harnessing the body’s natural protein-recycling systems.

The company’s most advanced clinical candidates address hormone-driven cancers.