Clear Harbor Asset Management LLC Invests $413,000 in Arvinas, Inc. $ARVN

Clear Harbor Asset Management LLC bought a new stake in Arvinas, Inc. (NASDAQ:ARVN) during the 2nd quarter, Holdings Channel reports. The firm bought 56,080 shares of the company’s stock, valued at approximately $413,000.

Other hedge funds have also added to or reduced their stakes in the company. GF Fund Management CO. LTD. bought a new stake in Arvinas in the 4th quarter valued at $28,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Arvinas by 965.4% in the first quarter. Caitong International Asset Management Co. Ltd now owns 4,656 shares of the company’s stock valued at $33,000 after acquiring an additional 4,219 shares during the period. CWM LLC grew its stake in shares of Arvinas by 2,317.5% in the first quarter. CWM LLC now owns 7,615 shares of the company’s stock valued at $53,000 after acquiring an additional 7,300 shares in the last quarter. Aigen Investment Management LP acquired a new position in shares of Arvinas in the first quarter valued at about $77,000. Finally, Allspring Global Investments Holdings LLC bought a new position in Arvinas during the first quarter worth about $80,000. 95.19% of the stock is owned by institutional investors and hedge funds.

Arvinas Price Performance

Shares of NASDAQ ARVN opened at $7.53 on Wednesday. The company has a 50 day simple moving average of $7.48 and a 200 day simple moving average of $7.60. Arvinas, Inc. has a 1 year low of $5.90 and a 1 year high of $29.61. The firm has a market cap of $552.85 million, a PE ratio of -7.46 and a beta of 2.38.

Arvinas (NASDAQ:ARVN) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.84) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.87) by $0.03. The firm had revenue of $22.40 million during the quarter, compared to analysts’ expectations of $34.42 million. Arvinas had a negative net margin of 19.47% and a negative return on equity of 12.01%. The company’s revenue was down 70.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.49) EPS. As a group, research analysts anticipate that Arvinas, Inc. will post -3.81 earnings per share for the current fiscal year.

Arvinas declared that its Board of Directors has initiated a share buyback program on Wednesday, September 17th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 17.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have issued reports on ARVN shares. Guggenheim cut their price objective on shares of Arvinas from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 7th. BTIG Research reduced their price target on Arvinas from $16.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, September 18th. HC Wainwright lowered their price objective on Arvinas from $24.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Leerink Partnrs downgraded Arvinas from a “strong-buy” rating to a “hold” rating in a research report on Sunday, June 1st. Finally, Stephens reduced their target price on Arvinas from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Thursday, September 18th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $17.13.

Arvinas 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.