Arvinas (NASDAQ:ARVN) Shares Down 8.9% – Here’s Why

Arvinas, Inc. (NASDAQ:ARVN)’s share price fell 8.9% during mid-day trading on Tuesday . The company traded as low as $25.50 and last traded at $25.55. 211,055 shares traded hands during trading, a decline of 70% from the average session volume of 713,358 shares. The stock had previously closed at $28.04.

Analyst Ratings Changes

A number of analysts have recently weighed in on ARVN shares. Barclays reduced their target price on shares of Arvinas from $60.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arvinas in a research note on Monday, September 9th. HC Wainwright reissued a “buy” rating and issued a $87.00 target price on shares of Arvinas in a report on Thursday, October 31st. Wedbush reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Arvinas in a report on Tuesday, July 30th. Finally, Oppenheimer cut their target price on shares of Arvinas from $50.00 to $40.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $56.92.

Arvinas Trading Down 6.2 %

The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -5.48 and a beta of 1.96. The firm’s 50 day simple moving average is $25.80 and its 200-day simple moving average is $27.45.

Arvinas (NASDAQ:ARVN) last released its earnings results on Wednesday, October 30th. The company reported ($0.68) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.88) by $0.20. The firm had revenue of $102.40 million during the quarter, compared to analysts’ expectations of $60.56 million. During the same quarter last year, the company posted ($1.18) earnings per share. Arvinas’s revenue for the quarter was up 196.0% on a year-over-year basis. As a group, sell-side analysts forecast that Arvinas, Inc. will post -3.32 EPS for the current fiscal year.

Institutional Trading of Arvinas

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Arvinas by 29.9% during the first quarter. Vanguard Group Inc. now owns 6,299,556 shares of the company’s stock worth $260,046,000 after purchasing an additional 1,448,166 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Arvinas by 14.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,368,418 shares of the company’s stock worth $180,329,000 after purchasing an additional 536,295 shares during the last quarter. Candriam S.C.A. lifted its stake in Arvinas by 32.0% during the second quarter. Candriam S.C.A. now owns 610,458 shares of the company’s stock worth $16,250,000 after purchasing an additional 147,904 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Arvinas by 6.8% during the second quarter. Dimensional Fund Advisors LP now owns 463,935 shares of the company’s stock worth $12,347,000 after purchasing an additional 29,635 shares during the last quarter. Finally, Opaleye Management Inc. lifted its stake in Arvinas by 25.1% during the first quarter. Opaleye Management Inc. now owns 330,000 shares of the company’s stock worth $13,622,000 after purchasing an additional 66,300 shares during the last quarter. Institutional investors and hedge funds own 95.19% of the company’s stock.

About Arvinas

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.