BTIG Research Issues Positive Forecast for Arvinas (NASDAQ:ARVN) Stock Price

Arvinas (NASDAQ:ARVN) had its price objective upped by BTIG Research from $16.00 to $18.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price target would suggest a potential upside of 88.09% from the stock’s current price.

A number of other research firms have also issued reports on ARVN. Wall Street Zen lowered shares of Arvinas from a “hold” rating to a “sell” rating in a research report on Monday, March 2nd. Piper Sandler reissued an “overweight” rating and issued a $20.00 price target (up from $16.00) on shares of Arvinas in a research report on Wednesday, February 25th. Citigroup increased their price target on shares of Arvinas from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Barclays reissued an “overweight” rating and issued a $20.00 price target on shares of Arvinas in a research report on Wednesday. Finally, Wedbush increased their price target on shares of Arvinas from $9.00 to $11.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 24th. Nine equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $15.14.

Arvinas Trading Down 0.9%

ARVN stock opened at $9.57 on Wednesday. Arvinas has a one year low of $5.90 and a one year high of $14.51. The firm has a market capitalization of $617.46 million, a PE ratio of -7.48 and a beta of 1.79. The firm has a 50-day moving average of $11.21 and a two-hundred day moving average of $11.68.

Arvinas (NASDAQ:ARVN) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.90) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.05. The business had revenue of $15.60 million during the quarter, compared to analyst estimates of $16.61 million. Arvinas had a negative net margin of 30.77% and a negative return on equity of 14.25%. The firm’s revenue was down 91.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.14 earnings per share. On average, equities research analysts anticipate that Arvinas will post -3.25 earnings per share for the current year.

Insider Activity

In related news, insider Noah Berkowitz sold 6,435 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider owned 202,503 shares of the company’s stock, valued at approximately $2,247,783.30. This trade represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Briggs Morrison purchased 20,000 shares of the company’s stock in a transaction dated Friday, March 6th. The stock was purchased at an average cost of $13.40 per share, for a total transaction of $268,000.00. Following the transaction, the director 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 disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have sold 63,864 shares of company stock valued at $802,443. 7.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arvinas

Institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its position in shares of Arvinas by 491.4% in 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 during the period. Canada Pension Plan Investment Board raised its position 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 valued at $49,000 after purchasing an additional 3,500 shares during the period. State of Wyoming bought a new position in shares of Arvinas in the third quarter valued at approximately $68,000. Abel Hall LLC bought a new position in shares of Arvinas in the fourth quarter valued at approximately $125,000. Finally, Corient Private Wealth LLC bought a new position in shares of Arvinas in the fourth quarter valued at approximately $127,000. 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.