Arvinas (NASDAQ:ARVN) Trading 14.8% Higher Following Better-Than-Expected Earnings

Arvinas, Inc. (NASDAQ:ARVN)’s stock price rose 14.8% during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $9.43 and last traded at $9.2520. 469,543 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 815,419 shares. The stock had previously closed at $8.06.

The company reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $2.95. Arvinas had a negative return on equity of 44.38% and a negative net margin of 247.54%.The company had revenue of $249.70 million during the quarter, compared to the consensus estimate of $60.71 million. During the same quarter last year, the company earned ($0.84) EPS. The company’s quarterly revenue was up 1014.7% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ARVN. Weiss Ratings cut Arvinas from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday. Zacks Research raised shares of Arvinas from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 26th. Citigroup increased their price objective on shares of Arvinas from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Wall Street Zen raised shares of Arvinas from a “strong sell” rating to a “sell” rating in a report on Sunday, July 26th. Finally, BTIG Research lifted their target price on shares of Arvinas from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $15.42.

Insider Transactions at Arvinas

In related news, CFO Andrew Saik sold 11,139 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $9.94, for a total transaction of $110,721.66. Following the completion of the transaction, the chief financial officer owned 193,128 shares in the company, valued at $1,919,692.32. This trade represents a 5.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Noah Berkowitz sold 11,108 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $9.94, for a total value of $110,413.52. Following the completion of the sale, the insider directly owned 191,395 shares in the company, valued at approximately $1,902,466.30. This represents a 5.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 41,728 shares of company stock valued at $402,649. Corporate insiders own 7.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC grew its holdings in shares of Arvinas by 491.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,819 shares of the company’s stock worth $43,000 after purchasing an additional 4,835 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in Arvinas by 109.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 6,700 shares of the company’s stock valued at $49,000 after purchasing an additional 3,500 shares during the last quarter. Jain Global LLC acquired a new position in Arvinas in the third quarter valued at about $95,000. Oxford Asset Management LLP boosted its position in Arvinas by 15.5% in the second quarter. Oxford Asset Management LLP now owns 16,705 shares of the company’s stock valued at $123,000 after buying an additional 2,242 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in Arvinas during the third quarter worth about $124,000. 95.19% of the stock is owned by institutional investors.

Arvinas Price Performance

The stock has a market capitalization of $593.26 million, a P/E ratio of -2.77 and a beta of 1.71. The company’s 50 day simple moving average is $8.07 and its two-hundred day simple moving average is $10.32.

Arvinas Company Profile

Arvinas, Inc (NASDAQ: ARVN) is a biopharmaceutical company focused on the development of therapies based on targeted protein degradation. Utilizing its proprietary proteolysis-targeting chimera (PROTAC®) platform, Arvinas aims to selectively eliminate disease-causing proteins rather than merely inhibit their activity. This novel approach has the potential to address a range of diseases, including oncology, neurodegeneration and inflammation, by harnessing the body’s natural protein-recycling systems.

The company’s most advanced clinical candidates address hormone-driven cancers.