Arvinas (NASDAQ:ARVN) Stock Price Down 6.2% – Here’s What Happened

Arvinas, Inc. (NASDAQ:ARVN)’s stock price fell 6.2% during mid-day trading on Thursday . The stock traded as low as $17.37 and last traded at $17.46. 576,232 shares traded hands during trading, a decline of 21% from the average session volume of 730,427 shares. The stock had previously closed at $18.61.

Analysts Set New Price Targets

ARVN has been the subject of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $87.00 price objective on shares of Arvinas in a research note on Wednesday, December 11th. BTIG Research assumed coverage on Arvinas in a research note on Tuesday, December 10th. They issued a “buy” rating and a $69.00 price objective on the stock. Oppenheimer cut their price target on Arvinas from $50.00 to $40.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Cantor Fitzgerald restated an “overweight” rating on shares of Arvinas in a research note on Monday, September 9th. Finally, Stephens assumed coverage on Arvinas in a research report on Monday, November 18th. They issued an “overweight” rating and a $55.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.50.

Arvinas Stock Down 4.6 %

The firm has a 50-day simple moving average of $25.26 and a 200 day simple moving average of $25.76. The company has a market cap of $1.22 billion, a price-to-earnings ratio of -3.80 and a beta of 1.82.

Arvinas (NASDAQ:ARVN) last announced its earnings results on Wednesday, October 30th. The company reported ($0.68) earnings per share for the quarter, beating the consensus estimate of ($0.88) by $0.20. The company had revenue of $102.40 million during the quarter, compared to analysts’ expectations of $60.56 million. During the same quarter last year, the business posted ($1.18) earnings per share. The company’s revenue for the quarter was up 196.0% compared to the same quarter last year. As a group, research analysts expect that Arvinas, Inc. will post -3.22 EPS for the current year.

Institutional Trading of Arvinas

Hedge funds and other institutional investors have recently made changes to their positions in the company. Braidwell LP lifted its position in Arvinas by 148.3% in the third quarter. Braidwell LP now owns 1,284,472 shares of the company’s stock valued at $31,637,000 after purchasing an additional 767,242 shares during the period. Baker BROS. Advisors LP purchased a new stake in shares of Arvinas during the 3rd quarter worth $9,989,000. FMR LLC grew its stake in shares of Arvinas by 7.6% during the 3rd quarter. FMR LLC now owns 2,883,604 shares of the company’s stock worth $71,023,000 after purchasing an additional 204,317 shares during the period. Wasatch Advisors LP increased its holdings in shares of Arvinas by 58.3% in the 3rd quarter. Wasatch Advisors LP now owns 435,943 shares of the company’s stock valued at $10,737,000 after purchasing an additional 160,510 shares in the last quarter. Finally, Candriam S.C.A. boosted its holdings in Arvinas by 32.0% during the second quarter. Candriam S.C.A. now owns 610,458 shares of the company’s stock worth $16,250,000 after buying an additional 147,904 shares in the last quarter. Hedge funds and other institutional investors own 95.19% of the company’s stock.

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.