BTIG Research Reiterates Buy Rating for Arvinas (NASDAQ:ARVN)

Arvinas (NASDAQ:ARVN)‘s stock had its “buy” rating reaffirmed by equities researchers at BTIG Research in a research report issued on Tuesday,Benzinga reports. They currently have a $18.00 target price on the stock. BTIG Research’s target price suggests a potential upside of 104.13% from the stock’s current price.

A number of other equities research analysts also recently weighed in on ARVN. Wall Street Zen upgraded shares of Arvinas from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 26th. Zacks Research raised Arvinas from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 26th. Weiss Ratings lowered Arvinas from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday. Barclays lifted their target price on Arvinas from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Wednesday, May 13th. Finally, Citigroup upped their price target on Arvinas from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $15.42.

Arvinas Trading Up 9.4%

ARVN stock traded up $0.76 during mid-day trading on Tuesday, hitting $8.82. 2,062,566 shares of the company were exchanged, compared to its average volume of 825,603. The business has a 50 day simple moving average of $8.07 and a 200-day simple moving average of $10.32. The stock has a market capitalization of $568.94 million, a PE ratio of -2.67 and a beta of 1.71. Arvinas has a 1-year low of $6.05 and a 1-year high of $14.51.

Arvinas (NASDAQ:ARVN) last released its quarterly earnings results on Tuesday, August 4th. The company reported $2.58 EPS for the quarter, beating the consensus estimate of ($0.37) by $2.95. The business had revenue of $249.70 million for the quarter, compared to the consensus estimate of $60.71 million. Arvinas had a negative net margin of 247.54% and a negative return on equity of 44.38%. Arvinas’s revenue was up 1014.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.84) earnings per share. Equities research analysts expect that Arvinas will post -2.82 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Noah Berkowitz sold 11,108 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $9.94, for a total value of $110,413.52. Following the transaction, the insider directly owned 191,395 shares in the company, valued at $1,902,466.30. This trade represents a 5.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Randy Teel sold 9,657 shares of Arvinas stock in a transaction on Monday, May 11th. The shares were sold at an average price of $9.94, for a total transaction of $95,990.58. Following the completion of the sale, the chief executive officer directly owned 287,218 shares of the company’s stock, valued at approximately $2,854,946.92. The trade was a 3.25% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 41,728 shares of company stock worth $402,649. Corporate insiders own 7.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC raised 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 acquiring an additional 4,835 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake 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. Abel Hall LLC bought a new stake in Arvinas during the 4th quarter worth approximately $125,000. Corient Private Wealth LLC bought a new stake in Arvinas during the 4th quarter worth approximately $127,000. Finally, Jain Global LLC purchased a new stake in shares of Arvinas in the third quarter worth approximately $95,000. 95.19% of the stock is currently owned by institutional investors and hedge funds.

About Arvinas

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.