Arvinas (NASDAQ:ARVN) Trading 4.9% Higher – Time to Buy?

Arvinas, Inc. (NASDAQ:ARVN) was up 4.9% on Friday . The stock traded as high as $8.02 and last traded at $8.13. Approximately 348,109 shares changed hands during trading, a decline of 84% from the average daily volume of 2,112,484 shares. The stock had previously closed at $7.75.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ARVN. HC Wainwright reduced their price target on shares of Arvinas from $24.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, August 7th. Barclays initiated coverage on shares of Arvinas in a research note on Wednesday, September 17th. They issued an “overweight” rating and a $16.00 price objective for the company. Leerink Partnrs downgraded shares of Arvinas from a “strong-buy” rating to a “hold” rating in a research note on Sunday, June 1st. Stephens cut their target price on shares of Arvinas from $16.00 to $14.00 and set an “overweight” rating for the company in a research note on Thursday, September 18th. Finally, Wells Fargo & Company dropped their target price on shares of Arvinas from $19.00 to $16.00 and set an “overweight” rating on the stock in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $16.18.

Arvinas Stock Performance

The stock has a market cap of $607.17 million, a P/E ratio of -8.19 and a beta of 2.38. The company has a 50-day simple moving average of $7.50 and a 200-day simple moving average of $7.53.

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

Arvinas announced that its board has approved a stock buyback plan on Wednesday, September 17th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to buy up to 17.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, Director Briggs Morrison acquired 30,000 shares of the business’s stock in a transaction dated Monday, September 22nd. The stock was acquired at an average price of $7.57 per share, with a total value of $227,100.00. Following the completion of the transaction, the director directly owned 76,021 shares in the company, valued at approximately $575,478.97. This represents a 65.19% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.73% of the company’s stock.

Hedge Funds Weigh In On Arvinas

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Arvinas by 18.4% in the first quarter. Vanguard Group Inc. now owns 8,362,200 shares of the company’s stock valued at $58,703,000 after purchasing an additional 1,299,639 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Arvinas in the 1st quarter worth approximately $80,000. Monaco Asset Management SAM boosted its stake in shares of Arvinas by 1,161.8% in the 1st quarter. Monaco Asset Management SAM now owns 315,459 shares of the company’s stock worth $2,215,000 after buying an additional 290,459 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of Arvinas by 1,965.0% in the first quarter. Federated Hermes Inc. now owns 980,674 shares of the company’s stock worth $6,884,000 after purchasing an additional 933,183 shares during the last quarter. Finally, Palumbo Wealth Management LLC purchased a new stake in shares of Arvinas in the second quarter valued at approximately $492,000. 95.19% of the stock is currently owned by institutional investors and hedge funds.

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.