Arvinas (NASDAQ:ARVN) Trading 5% Higher After Strong Earnings

Arvinas, Inc. (NASDAQ:ARVN) shares shot up 5% on Wednesday following a stronger than expected earnings report. The stock traded as high as $18.96 and last traded at $18.57. 251,434 shares were traded during mid-day trading, a decline of 71% from the average session volume of 867,256 shares. The stock had previously closed at $17.68.

The company reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.07) by $0.44. During the same period in the prior year, the business earned ($2.53) earnings per share.

Analysts Set New Price Targets

ARVN has been the topic of a number of recent research reports. BTIG Research initiated coverage on shares of Arvinas in a research note on Tuesday, December 10th. They set a “buy” rating and a $69.00 price target on the stock. HC Wainwright reiterated a “buy” rating and set a $87.00 price objective on shares of Arvinas in a research note on Wednesday, December 11th. Stifel Nicolaus lowered their target price on shares of Arvinas from $63.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday. Wedbush reissued an “outperform” rating and set a $57.00 price target on shares of Arvinas in a research note on Tuesday. Finally, Guggenheim reaffirmed a “buy” rating on shares of Arvinas in a research note on Thursday, December 12th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Arvinas currently has an average rating of “Moderate Buy” and an average target price of $59.91.

Institutional Investors Weigh In On Arvinas

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in Arvinas by 18.7% during the third quarter. JPMorgan Chase & Co. now owns 2,329,303 shares of the company’s stock valued at $57,371,000 after buying an additional 367,343 shares during the period. Baker BROS. Advisors LP bought a new position in shares of Arvinas in the 3rd quarter worth about $9,989,000. SG Americas Securities LLC lifted its position in Arvinas by 228.8% during the 4th quarter. SG Americas Securities LLC now owns 32,424 shares of the company’s stock valued at $622,000 after acquiring an additional 22,564 shares during the period. Wasatch Advisors LP boosted its stake in Arvinas by 58.3% during the third quarter. Wasatch Advisors LP now owns 435,943 shares of the company’s stock worth $10,737,000 after acquiring an additional 160,510 shares in the last quarter. Finally, Barclays PLC grew its holdings in Arvinas by 198.9% in the third quarter. Barclays PLC now owns 121,699 shares of the company’s stock worth $2,998,000 after purchasing an additional 80,984 shares during the period. 95.19% of the stock is currently owned by institutional investors.

Arvinas Price Performance

The stock’s 50 day simple moving average is $19.33 and its two-hundred day simple moving average is $23.36. The firm has a market cap of $1.28 billion, a P/E ratio of -3.98 and a beta of 1.88.

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.