Arvinas (NASDAQ:ARVN) Shares Down 10.9% – Here’s Why

Shares of Arvinas, Inc. (NASDAQ:ARVN) were down 10.9% on Thursday . The stock traded as low as $11.38 and last traded at $11.6590. Approximately 429,878 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 738,192 shares. The stock had previously closed at $13.09.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ARVN shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arvinas in a research note on Monday, December 22nd. Wedbush restated a “neutral” rating and set a $9.00 target price on shares of Arvinas in a research note on Thursday, November 6th. Citigroup upgraded Arvinas from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $10.00 to $15.00 in a research note on Tuesday, January 6th. The Goldman Sachs Group reissued a “sell” rating and issued a $6.00 price target (down previously from $8.00) on shares of Arvinas in a report on Wednesday, October 15th. Finally, Wells Fargo & Company dropped their price objective on Arvinas from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. Ten research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $13.12.

Arvinas Stock Down 9.5%

The company has a 50 day simple moving average of $12.51 and a 200-day simple moving average of $10.19. The stock has a market cap of $760.41 million, a price-to-earnings ratio of -14.62 and a beta of 1.88.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. TCG Crossover Management LLC bought a new position in shares of Arvinas during the third quarter valued at approximately $13,780,000. Acadian Asset Management LLC lifted its holdings in shares of Arvinas by 791.1% in the 2nd quarter. Acadian Asset Management LLC now owns 1,427,832 shares of the company’s stock worth $10,498,000 after purchasing an additional 1,267,593 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in Arvinas by 469.1% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,207,267 shares of the company’s stock valued at $10,286,000 after purchasing an additional 995,125 shares during the period. Qube Research & Technologies Ltd boosted its position in Arvinas by 154.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,486,864 shares of the company’s stock valued at $12,668,000 after purchasing an additional 903,337 shares during the period. Finally, Millennium Management LLC grew its stake in Arvinas by 208.4% during the 1st quarter. Millennium Management LLC now owns 1,310,326 shares of the company’s stock worth $9,198,000 after buying an additional 885,483 shares during the last quarter. 95.19% of the stock is owned by institutional investors and hedge funds.

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.