Arvinas (NASDAQ:ARVN) Stock Price Up 10.6%

Arvinas, Inc. (NASDAQ:ARVN)’s stock price rose 10.6% on Thursday . The company traded as high as $29.14 and last traded at $29.02. Approximately 603,394 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 769,004 shares. The stock had previously closed at $26.25.

Analysts Set New Price Targets

ARVN has been the topic of a number of analyst reports. Truist Financial reiterated a “buy” rating and issued a $65.00 price target on shares of Arvinas in a research report on Monday, March 25th. HC Wainwright reiterated a “buy” rating and issued a $87.00 price target on shares of Arvinas in a research report on Friday, May 17th. Wedbush restated an “outperform” rating and set a $57.00 target price on shares of Arvinas in a report on Wednesday, May 8th. Stifel Nicolaus dropped their target price on shares of Arvinas from $72.00 to $68.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Finally, Wells Fargo & Company dropped their target price on shares of Arvinas from $63.00 to $60.00 and set an “overweight” rating on the stock in a report on Thursday, May 9th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $61.13.

Arvinas Price Performance

The firm’s 50 day moving average is $29.16 and its two-hundred day moving average is $37.16. The firm has a market capitalization of $1.96 billion, a P/E ratio of -4.83 and a beta of 1.98.

Arvinas (NASDAQ:ARVN) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.97) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.42) by $0.45. The business had revenue of $25.30 million for the quarter, compared to analyst estimates of $32.94 million. During the same period in the prior year, the business earned ($1.54) EPS. The company’s revenue for the quarter was down 22.2% compared to the same quarter last year. Analysts anticipate that Arvinas, Inc. will post -4.08 EPS for the current fiscal year.

Institutional Investors Weigh In On Arvinas

A number of hedge funds and other institutional investors have recently modified their holdings of ARVN. RTW Investments LP acquired a new stake in shares of Arvinas during the fourth quarter worth $173,427,000. Vanguard Group Inc. lifted its holdings in shares of Arvinas by 29.9% during the first quarter. Vanguard Group Inc. now owns 6,299,556 shares of the company’s stock worth $260,046,000 after buying an additional 1,448,166 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Arvinas by 42.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,832,123 shares of the company’s stock worth $157,731,000 after buying an additional 1,143,452 shares in the last quarter. Commodore Capital LP acquired a new stake in shares of Arvinas during the fourth quarter worth $41,160,000. Finally, Norges Bank acquired a new stake in shares of Arvinas during the fourth quarter worth $36,126,000. Institutional investors and hedge funds own 95.19% of the company’s stock.

Arvinas Company Profile

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.