Arvinas (NASDAQ:ARVN) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Arvinas, Inc. (NASDAQ:ARVNGet Rating) saw unusually-high trading volume on Tuesday after Piper Sandler raised their price target on the stock from $76.00 to $81.00. Piper Sandler currently has an overweight rating on the stock. Approximately 45,811 shares were traded during mid-day trading, a decline of 91% from the previous session’s volume of 499,870 shares.The stock last traded at $40.40 and had previously closed at $43.08.

A number of other research firms have also recently commented on ARVN. Oppenheimer reduced their target price on Arvinas from $108.00 to $102.00 and set an “outperform” rating on the stock in a research note on Monday, August 8th. Capital One Financial began coverage on Arvinas in a research note on Tuesday, October 25th. They issued an “overweight” rating on the stock. Stifel Nicolaus restated a “buy” rating and set a $80.00 price target on shares of Arvinas in a research report on Tuesday, October 18th. Credit Suisse Group upped their price target on shares of Arvinas to $81.00 in a research report on Tuesday, November 15th. Finally, Barclays began coverage on shares of Arvinas in a research report on Friday, September 9th. They set an “overweight” rating and a $90.00 price target for the company. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.19.

Institutional Trading of Arvinas

Several institutional investors and hedge funds have recently bought and sold shares of ARVN. Royal Bank of Canada lifted its holdings in Arvinas by 37.6% in the third quarter. Royal Bank of Canada now owns 1,230 shares of the company’s stock worth $54,000 after buying an additional 336 shares during the period. SeaCrest Wealth Management LLC bought a new position in shares of Arvinas during the second quarter valued at approximately $57,000. Lazard Asset Management LLC bought a new position in shares of Arvinas during the first quarter valued at approximately $57,000. Amundi bought a new position in shares of Arvinas during the second quarter valued at approximately $62,000. Finally, Federated Hermes Inc. increased its stake in shares of Arvinas by 80,650.0% during the second quarter. Federated Hermes Inc. now owns 1,615 shares of the company’s stock valued at $68,000 after purchasing an additional 1,613 shares in the last quarter. 91.20% of the stock is currently owned by hedge funds and other institutional investors.

Arvinas Price Performance

The stock’s 50 day simple moving average is $45.53 and its two-hundred day simple moving average is $45.83. The firm has a market cap of $2.11 billion, a P/E ratio of -8.31 and a beta of 1.89.

About Arvinas

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Arvinas, Inc, a clinical-stage biopharmaceutical company, engages in the discovery, development, and commercialization of therapies to degrade disease-causing proteins. Its lead product candidates include Bavdegalutamide, a proteolysis targeting chimera (PROTAC) protein degrader that is in phase I clinical trial targeting the androgen receptor (AR) protein for the treatment of men with metastatic castration-resistant prostate cancer (mCRPC); ARV-471, a PROTAC protein degrader targeting the estrogen receptor protein for the treatment of patients with metastatic ER positive/HER2 negative breast cancer; and ARV-766 an investigational orally bioavailable PROTAC protein degrader for the treatment of men with mCRPC.

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