Arvinas (NASDAQ:ARVN) Trading Down 4.1% – Here’s What Happened

Arvinas, Inc. (NASDAQ:ARVN)’s stock price dropped 4.1% on Wednesday . The stock traded as low as $23.51 and last traded at $23.58. Approximately 30,633 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 707,050 shares. The stock had previously closed at $24.59.

Analyst Upgrades and Downgrades

ARVN has been the topic of several analyst reports. Oppenheimer dropped their price target on shares of Arvinas from $50.00 to $40.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Stephens initiated coverage on Arvinas in a report on Monday, November 18th. They set an “overweight” rating and a $55.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $87.00 price target on shares of Arvinas in a report on Wednesday. BMO Capital Markets decreased their price objective on shares of Arvinas from $90.00 to $88.00 and set an “outperform” rating on the stock in a report on Wednesday, November 20th. Finally, BTIG Research began coverage on shares of Arvinas in a research note on Tuesday. They set a “buy” rating and a $69.00 target price for the company. One investment 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.50.

Arvinas Stock Down 7.6 %

The stock has a 50 day moving average of $25.77 and a 200 day moving average of $26.26. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of -4.92 and a beta of 1.82.

Arvinas (NASDAQ:ARVN) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.68) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.88) by $0.20. The firm had revenue of $102.40 million for the quarter, compared to the consensus estimate of $60.56 million. The business’s revenue was up 196.0% on a year-over-year basis. During the same period last year, the company posted ($1.18) EPS. As a group, analysts predict that Arvinas, Inc. will post -3.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Arvinas

Several hedge funds and other institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in Arvinas by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,483 shares of the company’s stock valued at $61,000 after buying an additional 440 shares in the last quarter. Amalgamated Bank grew its holdings in shares of Arvinas by 29.6% during the 2nd quarter. Amalgamated Bank now owns 2,223 shares of the company’s stock valued at $59,000 after purchasing an additional 508 shares during the last quarter. Edgestream Partners L.P. grew its holdings in shares of Arvinas by 16.3% during the 2nd quarter. Edgestream Partners L.P. now owns 9,311 shares of the company’s stock valued at $248,000 after purchasing an additional 1,305 shares during the last quarter. Quest Partners LLC acquired a new position in Arvinas during the 2nd quarter worth approximately $42,000. Finally, nVerses Capital LLC acquired a new stake in Arvinas in the third quarter valued at approximately $39,000. 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.