Arvinas (NASDAQ:ARVN) Cut to Equal Weight at Wells Fargo & Company

Wells Fargo & Company downgraded shares of Arvinas (NASDAQ:ARVN) from an overweight rating to an equal weight rating in a report released on Tuesday, Marketbeat Ratings reports.

A number of other brokerages have also recently issued reports on ARVN. BTIG Research reissued a “buy” rating and issued a $18.00 price objective on shares of Arvinas in a research note on Tuesday. Barclays upped their target price on Arvinas from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 13th. Wall Street Zen raised Arvinas from a “strong sell” rating to a “sell” rating in a report on Sunday, July 26th. Stephens reiterated an “overweight” rating and issued a $18.00 price target on shares of Arvinas in a research note on Wednesday, June 3rd. Finally, Citigroup boosted their price target on Arvinas from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Arvinas presently has an average rating of “Hold” and an average target price of $14.90.

Arvinas Stock Up 3.3%

Shares of Arvinas stock opened at $8.68 on Tuesday. Arvinas has a 12-month low of $6.05 and a 12-month high of $14.51. The company has a market capitalization of $560.03 million, a price-to-earnings ratio of 86.81 and a beta of 1.71. The firm’s 50-day moving average price is $8.06 and its two-hundred day moving average price is $10.25.

Arvinas (NASDAQ:ARVN) last issued its earnings results on Tuesday, August 4th. The company reported $2.58 EPS for the quarter, beating the consensus estimate of ($0.37) by $2.95. Arvinas had a net margin of 2.94% and a return on equity of 1.91%. The company had revenue of $249.70 million during the quarter, compared to analysts’ expectations of $60.71 million. During the same period in the previous year, the company earned ($0.84) EPS. The business’s revenue for the quarter was up 1014.7% compared to the same quarter last year. On average, sell-side analysts expect that Arvinas will post -2.39 earnings per share for the current year.

Insider Activity at Arvinas

In related news, insider Noah Berkowitz sold 11,108 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $9.94, for a total value of $110,413.52. Following the completion of the transaction, the insider owned 191,395 shares of the company’s stock, valued at $1,902,466.30. This represents a 5.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Randy Teel sold 9,657 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $9.94, for a total transaction of $95,990.58. Following the completion of the sale, the chief executive officer owned 287,218 shares in the company, valued at $2,854,946.92. This represents a 3.25% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 41,728 shares of company stock valued at $402,649. 7.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. TCG Crossover Management LLC bought a new position in Arvinas in the third quarter valued at about $13,780,000. Balyasny Asset Management L.P. grew its holdings in shares of Arvinas by 469.1% during the third quarter. Balyasny Asset Management L.P. now owns 1,207,267 shares of the company’s stock worth $10,286,000 after purchasing an additional 995,125 shares during the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of Arvinas by 154.8% during the third quarter. Qube Research & Technologies Ltd now owns 1,486,864 shares of the company’s stock worth $12,668,000 after purchasing an additional 903,337 shares during the last quarter. Millennium Management LLC increased its stake in shares of 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, Armistice Capital LLC increased its stake in shares of Arvinas by 114.3% in the third quarter. Armistice Capital LLC now owns 1,200,000 shares of the company’s stock valued at $10,224,000 after buying an additional 640,000 shares during the period. 95.19% of the stock is currently owned by institutional investors.

About Arvinas

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.