Arvinas (NASDAQ:ARVN) Shares Climb 6.3% – Here’s Why

Shares of Arvinas, Inc. (NASDAQ:ARVN) shot up 6.3% during mid-day trading on Wednesday. The company traded as high as $7.97 and last traded at $7.97. 246,730 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 827,873 shares. The stock had previously closed at $7.50.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on ARVN shares. Zacks Research downgraded Arvinas from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 3rd. BTIG Research reaffirmed a “buy” rating and issued a $18.00 target price on shares of Arvinas in a report on Tuesday, August 4th. Evercore set a $14.00 price target on shares of Arvinas in a research note on Monday, August 10th. Weiss Ratings upgraded shares of Arvinas from a “sell (e+)” rating to a “sell (d)” rating in a report on Thursday, August 13th. Finally, Morgan Stanley set a $10.00 price objective on shares of Arvinas in a research report on Monday, August 10th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.55.

Arvinas Trading Down 4.0%

The firm has a market cap of $479.38 million, a PE ratio of 74.31 and a beta of 1.80. The business has a fifty day moving average price of $8.65 and a 200 day moving average price of $9.07.

Arvinas (NASDAQ:ARVN) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $2.95. Arvinas had a return on equity of 1.91% and a net margin of 2.94%.The firm had revenue of $249.70 million during the quarter, compared to the consensus estimate of $60.71 million. During the same period in the prior year, the company posted ($0.84) earnings per share. The firm’s quarterly revenue was up 1014.7% compared to the same quarter last year. On average, research analysts expect that Arvinas, Inc. will post 0.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Arvinas

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC purchased a new position in shares of Arvinas during the second quarter worth about $48,000. Quantbot Technologies LP acquired a new stake in shares of Arvinas in the 2nd quarter valued at about $85,000. Corient Private Wealth LP acquired a new stake in shares of Arvinas in the 2nd quarter valued at about $95,000. Pale Fire Capital SE purchased a new position in Arvinas during the 2nd quarter worth approximately $99,000. Finally, Canada Pension Plan Investment Board purchased a new position in Arvinas during the 2nd quarter worth approximately $112,000. 95.19% of the stock is currently owned by institutional investors and hedge funds.

About Arvinas

Arvinas, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that selectively remove disease-causing proteins from cells. The company’s approach, known as targeted protein degradation, uses proprietary PROTAC technology to direct specific proteins to the cell’s natural disposal machinery. Arvinas applies this platform primarily to cancer and other serious diseases in which abnormal or unwanted proteins contribute to disease progression.

Arvinas’ pipeline has included vepdegestrant, formerly known as ARV-471, an investigational oral estrogen receptor degrader being developed for patients with estrogen receptor-positive, HER2-negative breast cancer.