Arvinas (NASDAQ:ARVN) Shares Up 6.3% – Here’s What Happened

Arvinas, Inc. (NASDAQ:ARVN) shares were up 6.3% during mid-day trading on Wednesday . The company traded as high as $26.08 and last traded at $26.01. Approximately 165,484 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 715,303 shares. The stock had previously closed at $24.48.

Analyst Ratings Changes

Several equities analysts have commented on ARVN shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arvinas in a research report on Monday, September 9th. Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Arvinas in a research report on Tuesday, July 30th. Oppenheimer decreased their price target on shares of Arvinas from $50.00 to $40.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Stephens assumed coverage on shares of Arvinas in a report on Monday, November 18th. They set an “overweight” rating and a $55.00 price target on the stock. Finally, Barclays decreased their price objective on Arvinas from $60.00 to $48.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $61.08.

Arvinas Stock Up 6.1 %

The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of -5.55 and a beta of 1.96. The company has a 50 day simple moving average of $25.63 and a 200-day simple moving average of $26.82.

Arvinas (NASDAQ:ARVN) last released its earnings results on Wednesday, October 30th. The company reported ($0.68) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.88) by $0.20. The company had revenue of $102.40 million for the quarter, compared to analyst estimates of $60.56 million. The firm’s revenue was up 196.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.18) EPS. As a group, sell-side analysts anticipate that Arvinas, Inc. will post -3.32 earnings per share for the current fiscal year.

Institutional Trading of Arvinas

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Arvinas by 29.9% during the 1st quarter. Vanguard Group Inc. now owns 6,299,556 shares of the company’s stock worth $260,046,000 after buying an additional 1,448,166 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Arvinas by 137.2% in the 2nd quarter. SG Americas Securities LLC now owns 86,096 shares of the company’s stock worth $2,292,000 after purchasing an additional 49,799 shares in the last quarter. Candriam S.C.A. grew its position in Arvinas by 32.0% in the 2nd quarter. Candriam S.C.A. now owns 610,458 shares of the company’s stock valued at $16,250,000 after purchasing an additional 147,904 shares during the period. Magnetar Financial LLC increased its stake in Arvinas by 112.7% during the 2nd quarter. Magnetar Financial LLC now owns 41,992 shares of the company’s stock valued at $1,118,000 after purchasing an additional 22,245 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Arvinas by 32.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 235,096 shares of the company’s stock valued at $6,258,000 after purchasing an additional 57,835 shares in the last quarter. 95.19% of the stock is currently owned by institutional investors and hedge funds.

About Arvinas

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.