Arvinas (NASDAQ:ARVN) Shares Down 10.9% – Here’s Why

Arvinas, Inc. (NASDAQ:ARVN)’s share price dropped 10.9% during trading on Thursday . The company traded as low as $11.38 and last traded at $11.6590. Approximately 429,878 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 738,192 shares. The stock had previously closed at $13.09.

Analysts Set New Price Targets

ARVN has been the subject of a number of analyst reports. Citigroup raised Arvinas from a “neutral” rating to a “buy” rating and increased their price objective for the company from $10.00 to $15.00 in a research note on Tuesday, January 6th. Wedbush reiterated a “neutral” rating and set a $9.00 price target on shares of Arvinas in a report on Thursday, November 6th. Wall Street Zen lowered shares of Arvinas from a “hold” rating to a “sell” rating in a report on Saturday. Barclays increased their target price on shares of Arvinas from $16.00 to $18.00 and gave the stock an “overweight” rating in a report on Wednesday, December 17th. Finally, BTIG Research raised their target price on Arvinas from $10.00 to $14.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Ten equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Arvinas presently has an average rating of “Hold” and an average price target of $13.12.

Arvinas Trading Down 1.6%

The business’s 50 day moving average price is $12.47 and its two-hundred day moving average price is $10.22. The stock has a market cap of $748.16 million, a P/E ratio of -14.38 and a beta of 1.88.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ARVN. Tower Research Capital LLC TRC boosted its position in shares of 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 purchasing an additional 4,835 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in Arvinas by 109.4% during the second quarter. Canada Pension Plan Investment Board now owns 6,700 shares of the company’s stock valued at $49,000 after buying an additional 3,500 shares during the period. State of Wyoming bought a new stake in shares of Arvinas during the 3rd quarter valued at $68,000. Virtus Investment Advisers LLC boosted its holdings in shares of Arvinas by 49.3% during the 2nd quarter. Virtus Investment Advisers LLC now owns 12,422 shares of the company’s stock valued at $91,000 after buying an additional 4,104 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new stake in shares of Arvinas in the 3rd quarter worth about $92,000. Institutional investors own 95.19% of the company’s stock.

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.