Arvinas (NASDAQ:ARVN) Stock Price Up 5.7% – Here’s What Happened

Shares of Arvinas, Inc. (NASDAQ:ARVN) traded up 5.7% on Thursday . The company 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

A number of analysts have recently weighed in on the stock. Oppenheimer decreased their price target on shares of Arvinas from $50.00 to $40.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arvinas in a report on Monday, September 9th. HC Wainwright reaffirmed a “buy” rating and issued a $87.00 price objective on shares of Arvinas in a report on Thursday, October 31st. BMO Capital Markets decreased their price objective on shares of Arvinas from $90.00 to $88.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, Wedbush reissued an “outperform” rating and set a $57.00 price target on shares of Arvinas in a report on Tuesday, July 30th. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Arvinas has an average rating of “Moderate Buy” and an average target price of $61.08.

Arvinas Stock Performance

The company has a 50 day simple moving average of $25.62 and a two-hundred day simple moving average of $27.06. The company has a market cap of $1.72 billion, a PE ratio of -5.21 and a beta of 1.96.

Arvinas (NASDAQ:ARVN) last released its earnings results on Wednesday, October 30th. The company reported ($0.68) earnings per share for the quarter, beating the consensus estimate of ($0.88) by $0.20. The business had revenue of $102.40 million for the quarter, compared to analysts’ expectations of $60.56 million. During the same period last year, the firm earned ($1.18) EPS. The company’s revenue was up 196.0% compared to the same quarter last year. As a group, analysts expect that Arvinas, Inc. will post -3.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arvinas

Several hedge funds have recently added to or reduced their stakes in ARVN. Sei Investments Co. lifted its stake in Arvinas by 219.4% in the first quarter. Sei Investments Co. now owns 24,501 shares of the company’s stock valued at $1,012,000 after buying an additional 16,831 shares during the period. State Board of Administration of Florida Retirement System lifted its stake in Arvinas by 18.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 16,670 shares of the company’s stock valued at $688,000 after buying an additional 2,590 shares during the period. Vanguard Group Inc. lifted its stake in 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 buying an additional 1,448,166 shares during the period. Edgestream Partners L.P. acquired a new position in Arvinas in the first quarter valued at about $330,000. Finally, American International Group Inc. lifted its stake in Arvinas by 1.8% in the first quarter. American International Group Inc. now owns 24,857 shares of the company’s stock valued at $1,026,000 after buying an additional 449 shares during the period. 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.