Arvinas (NASDAQ:ARVN) Stock Price Down 7.8% – Here’s Why
by Danessa Lincoln · The Markets DailyArvinas, Inc. (NASDAQ:ARVN – Get Free Report)’s stock price fell 7.8% on Thursday . The company traded as low as $12.38 and last traded at $12.43. 237,605 shares were traded during mid-day trading, a decline of 70% from the average session volume of 793,523 shares. The stock had previously closed at $13.48.
Analyst Ratings Changes
Several research firms have weighed in on ARVN. Piper Sandler reiterated an “overweight” rating and issued a $20.00 target price (up from $16.00) on shares of Arvinas in a report on Wednesday, February 25th. Citigroup raised their price objective on Arvinas from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Arvinas in a report on Monday, December 22nd. Barclays lifted their price objective on Arvinas from $16.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, December 17th. Finally, Wedbush raised their target price on shares of Arvinas from $9.00 to $11.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. Ten investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $13.65.
Read Our Latest Research Report on ARVN
Arvinas Stock Down 7.0%
The stock’s fifty day moving average price is $12.72 and its 200-day moving average price is $10.98. The company has a market capitalization of $801.74 million, a price-to-earnings ratio of -9.79 and a beta of 1.87.
Arvinas (NASDAQ:ARVN – Get Free Report) last released its earnings results on Tuesday, February 24th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.55). Arvinas had a negative net margin of 30.77% and a negative return on equity of 14.25%. The company had revenue of $9.50 million during the quarter, compared to analyst estimates of $37.26 million. During the same period in the prior year, the firm posted ($0.63) EPS. Arvinas’s revenue was down 84.0% compared to the same quarter last year. Analysts anticipate that Arvinas, Inc. will post -3.81 EPS for the current year.
Insider Activity at Arvinas
In other news, CFO Andrew Saik sold 5,134 shares of the stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $11.89, for a total value of $61,043.26. Following the completion of the sale, the chief financial officer owned 159,267 shares of the company’s stock, valued at approximately $1,893,684.63. This represents a 3.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Noah Berkowitz sold 5,685 shares of the firm’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $11.89, for a total transaction of $67,594.65. Following the completion of the transaction, the insider directly owned 163,938 shares of the company’s stock, valued at $1,949,222.82. This represents a 3.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 57,429 shares of company stock worth $731,014. Insiders own 4.73% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of ARVN. AQR Capital Management LLC acquired a new stake in Arvinas in the 1st quarter valued at about $727,000. Jacobs Levy Equity Management Inc. bought a new stake in Arvinas in the first quarter valued at approximately $301,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Arvinas by 5.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,636 shares of the company’s stock valued at $271,000 after buying an additional 2,122 shares during the last quarter. Millennium Management LLC lifted its position 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 last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Arvinas by 108.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 902,925 shares of the company’s stock worth $6,339,000 after acquiring an additional 469,394 shares during the period. 95.19% of the stock is currently owned by institutional investors and hedge funds.
Arvinas Company Profile
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.