Citigroup Increases Arvinas (NASDAQ:ARVN) Price Target to $21.00

Arvinas (NASDAQ:ARVN) had its price target upped by research analysts at Citigroup from $18.00 to $21.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 91.96% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Barclays lifted their price objective on shares of Arvinas from $16.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 17th. BTIG Research upped their target price on Arvinas from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday. Truist Financial set a $10.00 price target on Arvinas in a research report on Wednesday. Piper Sandler reiterated an “overweight” rating and set a $20.00 price target (up from $16.00) on shares of Arvinas in a research note on Wednesday, February 25th. Finally, Wall Street Zen lowered Arvinas from a “hold” rating to a “sell” rating in a report on Monday, March 2nd. Ten research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $13.88.

Arvinas Stock Down 2.1%

ARVN opened at $10.94 on Thursday. The company has a market cap of $699.73 million, a P/E ratio of -8.55 and a beta of 1.87. The firm’s 50-day moving average price is $12.70 and its 200-day moving average price is $11.15. Arvinas has a 52-week low of $5.90 and a 52-week high of $14.51.

Arvinas (NASDAQ:ARVN) last released its earnings results on Tuesday, February 24th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.55). Arvinas had a negative return on equity of 14.25% and a negative net margin of 30.77%.The company had revenue of $9.50 million during the quarter, compared to analyst estimates of $37.26 million. During the same quarter last year, the business earned ($0.63) earnings per share. The firm’s revenue for the quarter was down 84.0% on a year-over-year basis. On average, research analysts anticipate that Arvinas will post -3.81 EPS for the current fiscal year.

Insider Buying and Selling at Arvinas

In related news, insider Noah Berkowitz sold 6,435 shares of the stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $11.10, for a total transaction of $71,428.50. Following the sale, the insider directly owned 202,503 shares of the company’s stock, valued at approximately $2,247,783.30. This represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Randy Teel sold 4,786 shares of the firm’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $12.16, for a total transaction of $58,197.76. Following the sale, the chief executive officer owned 149,696 shares in the company, valued at approximately $1,820,303.36. This represents a 3.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 63,864 shares of company stock worth $802,443. 4.73% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arvinas

Several hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC grew its position in shares of Arvinas by 491.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,819 shares of the company’s stock valued at $43,000 after acquiring an additional 4,835 shares during the period. Canada Pension Plan Investment Board raised its holdings in Arvinas by 109.4% in the 2nd quarter. Canada Pension Plan Investment Board now owns 6,700 shares of the company’s stock worth $49,000 after purchasing an additional 3,500 shares during the period. State of Wyoming purchased a new position in Arvinas during the third quarter worth approximately $68,000. Virtus Investment Advisers LLC boosted its position in Arvinas by 49.3% during the second quarter. Virtus Investment Advisers LLC now owns 12,422 shares of the company’s stock worth $91,000 after purchasing an additional 4,104 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Arvinas in the third quarter valued at approximately $92,000. 95.19% of the stock is owned by hedge funds and other 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.