Arvinas (NASDAQ:ARVN) Price Target Cut to $15.00 by Analysts at Wells Fargo & Company

Arvinas (NASDAQ:ARVN) had its price objective trimmed by Wells Fargo & Company from $16.00 to $15.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages have also commented on ARVN. Piper Sandler reaffirmed an “overweight” rating and set a $16.00 price target on shares of Arvinas in a research report on Tuesday, October 7th. BTIG Research boosted their price target on Arvinas from $10.00 to $14.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. HC Wainwright decreased their price objective on shares of Arvinas from $24.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, August 7th. Guggenheim reduced their target price on Arvinas from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. Finally, The Goldman Sachs Group reiterated a “sell” rating and issued a $6.00 price target (down from $8.00) on shares of Arvinas in a research note on Wednesday, October 15th. Eleven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $16.34.

Arvinas Trading Up 6.3%

Shares of Arvinas stock traded up $0.63 during mid-day trading on Thursday, hitting $10.63. 2,600,381 shares of the stock were exchanged, compared to its average volume of 2,175,635. The stock has a market capitalization of $780.45 million, a price-to-earnings ratio of -13.12 and a beta of 2.38. Arvinas has a twelve month low of $5.90 and a twelve month high of $28.70. The company has a 50-day simple moving average of $8.77 and a 200 day simple moving average of $7.90.

Arvinas (NASDAQ:ARVN) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.27. The business had revenue of $41.90 million for the quarter, compared to the consensus estimate of $29.36 million. Arvinas had a negative net margin of 18.73% and a negative return on equity of 9.58%. The company’s quarterly revenue was down 59.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.68) earnings per share. Equities research analysts forecast that Arvinas will post -3.81 earnings per share for the current fiscal year.

Arvinas announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, September 17th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to buy up to 17.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Arvinas

In related news, Director Briggs Morrison acquired 30,000 shares of Arvinas stock in a transaction that occurred on 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 acquisition, the director directly owned 76,021 shares of the company’s stock, valued at $575,478.97. This trade represents a 65.19% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.73% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arvinas

A number of institutional investors have recently added to or reduced their stakes in ARVN. JPMorgan Chase & Co. boosted its stake in Arvinas by 475.5% during the third quarter. JPMorgan Chase & Co. now owns 214,779 shares of the company’s stock valued at $1,830,000 after buying an additional 177,460 shares in the last quarter. Profund Advisors LLC raised its stake in Arvinas by 29.6% during the 3rd quarter. Profund Advisors LLC now owns 19,602 shares of the company’s stock valued at $167,000 after purchasing an additional 4,480 shares during the period. State of Wyoming acquired a new position in Arvinas during the third quarter valued at $68,000. AlphaQuest LLC lifted its position in shares of Arvinas by 35.1% in the third quarter. AlphaQuest LLC now owns 26,450 shares of the company’s stock worth $225,000 after purchasing an additional 6,877 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in Arvinas by 23.0% in the 3rd quarter. Arizona State Retirement System now owns 17,256 shares of the company’s stock worth $147,000 after buying an additional 3,225 shares in the last quarter. 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.