Arvinas, Inc. (NASDAQ:ARVN) Sees Large Drop in Short Interest

Arvinas, Inc. (NASDAQ:ARVN) was the target of a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 10,670,000 shares, a drop of 16.4% from the September 15th total of 12,760,000 shares. Based on an average daily volume of 647,700 shares, the days-to-cover ratio is presently 16.5 days.

Arvinas Price Performance

NASDAQ ARVN opened at $25.90 on Wednesday. The business’s fifty day moving average is $25.12 and its 200-day moving average is $28.64. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of -4.37 and a beta of 1.97. Arvinas has a one year low of $13.57 and a one year high of $53.08.

Arvinas (NASDAQ:ARVN) last announced its quarterly earnings data on Tuesday, July 30th. The company reported ($0.49) EPS for the quarter, topping the consensus estimate of ($1.08) by $0.59. The company had revenue of $76.50 million during the quarter, compared to the consensus estimate of $33.27 million. During the same period in the prior year, the firm posted ($1.25) EPS. The business’s revenue was up 40.4% on a year-over-year basis. Research analysts expect that Arvinas will post -3.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Arvinas

Several institutional investors have recently bought and sold shares of the company. Virtu Financial LLC bought a new stake in shares of Arvinas in the fourth quarter valued at $266,000. Vanguard Group Inc. increased its holdings in Arvinas by 5.3% in the 4th quarter. Vanguard Group Inc. now owns 4,851,390 shares of the company’s stock worth $199,683,000 after acquiring an additional 243,167 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Arvinas in the 4th quarter valued at about $3,046,000. Los Angeles Capital Management LLC lifted its holdings in Arvinas by 7.1% during the first quarter. Los Angeles Capital Management LLC now owns 29,882 shares of the company’s stock valued at $1,234,000 after purchasing an additional 1,993 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its position in Arvinas by 71.4% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 61,862 shares of the company’s stock worth $2,554,000 after purchasing an additional 25,778 shares during the period. Hedge funds and other institutional investors own 95.19% of the company’s stock.

Wall Street Analyst Weigh In

ARVN has been the topic of several research reports. Wedbush restated an “outperform” rating and set a $57.00 price objective on shares of Arvinas in a report on Tuesday, July 30th. HC Wainwright reaffirmed a “buy” rating and issued a $87.00 price target on shares of Arvinas in a research report on Thursday, August 1st. Cantor Fitzgerald reissued an “overweight” rating on shares of Arvinas in a report on Monday, September 9th. Oppenheimer dropped their target price on Arvinas from $70.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Finally, Barclays cut their target price on Arvinas from $60.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and fourteen have given 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 $57.50.

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.