Arvinas (NASDAQ:ARVN) Trading Down 7.8% – What’s Next?
by Sarita Garza · The Markets DailyShares of Arvinas, Inc. (NASDAQ:ARVN – Get Free Report) were down 7.8% during trading on Wednesday . The company traded as low as $11.16 and last traded at $11.0730. Approximately 142,314 shares changed hands during trading, a decline of 82% from the average daily volume of 785,898 shares. The stock had previously closed at $12.01.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on the stock. Citigroup upped their price target on shares of Arvinas from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arvinas in a report on Monday, December 22nd. Barclays boosted their target price on Arvinas from $16.00 to $18.00 and gave the stock an “overweight” rating in a report on Wednesday, December 17th. Piper Sandler reaffirmed 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 cut Arvinas from a “hold” rating to a “sell” rating in a research report on Monday, March 2nd. Ten investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Arvinas presently has a consensus rating of “Hold” and an average target price of $13.65.
Read Our Latest Research Report on ARVN
Arvinas Trading Down 8.7%
The business’s fifty day moving average is $12.77 and its 200 day moving average is $11.13. The firm has a market capitalization of $701.01 million, a P/E ratio of -8.56 and a beta of 1.87.
Arvinas (NASDAQ:ARVN – Get Free Report) last issued its earnings results on Tuesday, February 24th. The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.55). The business had revenue of $9.50 million for the quarter, compared to the consensus estimate of $37.26 million. Arvinas had a negative return on equity of 14.25% and a negative net margin of 30.77%.The company’s quarterly revenue was down 84.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.63) earnings per share. As a group, sell-side analysts predict that Arvinas, Inc. will post -3.81 earnings per share for the current fiscal year.
Insider Activity at Arvinas
In related news, Director Briggs Morrison bought 20,000 shares of the business’s stock in a transaction dated Friday, March 6th. The shares were bought at an average cost of $13.40 per share, with a total value of $268,000.00. Following the completion of the transaction, the director directly owned 96,021 shares of the company’s stock, valued at approximately $1,286,681.40. This trade represents a 26.31% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Noah Berkowitz sold 5,685 shares of the company’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $11.89, for a total value of $67,594.65. Following the sale, the insider directly owned 163,938 shares of the company’s stock, valued at approximately $1,949,222.82. This represents a 3.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 57,429 shares of company stock worth $731,014. 4.73% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Arvinas
Institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC lifted its stake in Arvinas by 491.4% during the second quarter. Tower Research Capital LLC TRC now owns 5,819 shares of the company’s stock valued at $43,000 after buying an additional 4,835 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Arvinas by 109.4% in the second quarter. Canada Pension Plan Investment Board now owns 6,700 shares of the company’s stock worth $49,000 after buying an additional 3,500 shares during the period. State of Wyoming purchased a new position in shares of Arvinas in the third quarter worth approximately $68,000. Abel Hall LLC acquired a new stake in shares of Arvinas during the fourth quarter valued at approximately $125,000. Finally, Corient Private Wealth LLC acquired a new stake in shares of Arvinas during the fourth quarter valued at approximately $127,000. Hedge funds and other institutional investors own 95.19% of the company’s stock.
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.