Arvinas (NASDAQ:ARVN) Trading 5.7% Higher – Here’s Why

Arvinas, Inc. (NASDAQ:ARVN) shares traded up 5.7% during mid-day trading on Thursday . The stock traded as high as $23.99 and last traded at $23.99. 139,395 shares changed hands during trading, a decline of 81% from the average session volume of 715,351 shares. The stock had previously closed at $22.69.

Wall Street Analysts Forecast Growth

ARVN has been the topic of a number of research reports. Barclays reduced their target price on shares of Arvinas from $60.00 to $48.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Oppenheimer reduced their price objective on Arvinas from $50.00 to $40.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Cantor Fitzgerald reissued an “overweight” rating on shares of Arvinas in a research note on Monday, September 9th. BMO Capital Markets reduced their price target on Arvinas from $90.00 to $88.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Stephens began coverage on Arvinas in a research report on Monday, November 18th. They set an “overweight” rating and a $55.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Arvinas currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.08.

Arvinas Price Performance

The firm’s 50 day simple moving average is $25.63 and its 200-day simple moving average is $27.05. The company has a market cap of $1.78 billion, a price-to-earnings ratio of -5.48 and a beta of 1.96.

Arvinas (NASDAQ:ARVN) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.68) EPS for the quarter, topping the consensus estimate of ($0.88) by $0.20. The firm had revenue of $102.40 million for the quarter, compared to analyst estimates of $60.56 million. The company’s quarterly revenue was up 196.0% on a year-over-year basis. During the same period last year, the firm earned ($1.18) EPS. On average, analysts forecast that Arvinas, Inc. will post -3.32 EPS for the current year.

Hedge Funds Weigh In On Arvinas

A number of hedge funds and other institutional investors have recently made changes to their positions in ARVN. Vanguard Group Inc. increased its holdings in shares of Arvinas by 29.9% in the first quarter. Vanguard Group Inc. now owns 6,299,556 shares of the company’s stock valued at $260,046,000 after purchasing an additional 1,448,166 shares during the period. Braidwell LP lifted its stake in shares of Arvinas by 148.3% in the 3rd quarter. Braidwell LP now owns 1,284,472 shares of the company’s stock worth $31,637,000 after acquiring an additional 767,242 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Arvinas by 14.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,368,418 shares of the company’s stock valued at $180,329,000 after acquiring an additional 536,295 shares in the last quarter. Baker BROS. Advisors LP acquired a new position in shares of Arvinas during the third quarter worth about $9,989,000. Finally, FMR LLC raised its holdings in Arvinas by 7.6% during the third quarter. FMR LLC now owns 2,883,604 shares of the company’s stock worth $71,023,000 after purchasing an additional 204,317 shares in the last quarter. Hedge funds and other institutional investors own 95.19% of the company’s stock.

About Arvinas

Arvinas, Inc, a clinical-stage biotechnology company, engages in the discovery, development, and commercialization of therapies to degrade disease-causing proteins. The company engineers proteolysis targeting chimeras (PROTAC) targeted protein degraders that are designed to harness the body’s own natural protein disposal system to degrade and remove disease-causing proteins.