Arvinas (NASDAQ:ARVN) Stock Price Up 6.3% – Here’s What Happened

Arvinas, Inc. (NASDAQ:ARVN) was up 6.3% on Wednesday . The company traded as high as $26.08 and last traded at $26.01. Approximately 165,484 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 715,303 shares. The stock had previously closed at $24.48.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ARVN shares. Stephens began coverage on shares of Arvinas in a research report on Monday, November 18th. They issued an “overweight” rating and a $55.00 price target for the company. Oppenheimer cut their target price on Arvinas from $50.00 to $40.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. HC Wainwright reaffirmed a “buy” rating and issued a $87.00 price target on shares of Arvinas in a research note on Thursday, October 31st. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arvinas in a research note on Monday, September 9th. Finally, BMO Capital Markets reduced their target price on shares of Arvinas from $90.00 to $88.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Arvinas 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 $25.65 and its two-hundred day simple moving average is $26.81.

Arvinas (NASDAQ:ARVN) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.68) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.88) by $0.20. The company had revenue of $102.40 million during the quarter, compared to analyst estimates of $60.56 million. During the same period in the prior year, the business earned ($1.18) EPS. The business’s revenue for the quarter was up 196.0% on a year-over-year basis. Equities research analysts forecast that Arvinas, Inc. will post -3.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arvinas

Several large investors have recently made changes to their positions in ARVN. SG Americas Securities LLC lifted its position in Arvinas by 137.2% during the 2nd quarter. SG Americas Securities LLC now owns 86,096 shares of the company’s stock valued at $2,292,000 after purchasing an additional 49,799 shares during the period. Candriam S.C.A. lifted its holdings in Arvinas by 32.0% in the second quarter. Candriam S.C.A. now owns 610,458 shares of the company’s stock valued at $16,250,000 after buying an additional 147,904 shares during the period. Magnetar Financial LLC boosted its stake in Arvinas by 112.7% in the second quarter. Magnetar Financial LLC now owns 41,992 shares of the company’s stock valued at $1,118,000 after acquiring an additional 22,245 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Arvinas by 32.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 235,096 shares of the company’s stock worth $6,258,000 after acquiring an additional 57,835 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Arvinas during the 3rd quarter valued at $3,442,000. Institutional investors and hedge funds 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.