Arvinas (NASDAQ:ARVN) Rating Lowered to Hold at Zacks Research

Key Points

• Zacks Research downgraded Arvinas from “strong buy” to “hold,” bringing the overall analyst consensus to “hold” with an average price target of $14.17.
• Arvinas shares opened at $9.39, compared with a 52-week range of $6.97 to $14.51. The company recently reported quarterly EPS of $2.58, well above the $0.37 loss analysts expected, while revenue rose 1,014.7% year over year to $249.7 million.
• Institutional investors own approximately 95.19% of Arvinas, while insiders hold 7.30%; several hedge funds recently increased or initiated positions in the stock.

Arvinas (NASDAQ:ARVN - Get Free Report) was downgraded by stock analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Thursday, Zacks reports.

Several other equities analysts have also issued reports on ARVN. Morgan Stanley set a $10.00 price target on Arvinas in a research note on Monday, August 10th. Evercore set a $14.00 target price on Arvinas in a research report on Monday, August 10th. Wedbush raised their price target on shares of Arvinas from $11.00 to $12.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 5th. Wall Street Zen raised Arvinas from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Weiss Ratings upgraded Arvinas from a "sell (e+)" rating to a "sell (d)" rating in a research note on Thursday, August 13th. Five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Arvinas has a consensus rating of "Hold" and an average target price of $14.17.

Arvinas Price Performance

Shares of Arvinas stock opened at $9.39 on Thursday. The company has a market cap of $605.85 million, a PE ratio of 93.91 and a beta of 1.75. The firm has a fifty day moving average price of $8.68 and a two-hundred day moving average price of $9.72. Arvinas has a fifty-two week low of $6.97 and a fifty-two week high of $14.51.

Arvinas (NASDAQ:ARVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $2.95. The company had revenue of $249.70 million for the quarter, compared to the consensus estimate of $60.71 million. Arvinas had a net margin of 2.94% and a return on equity of 1.91%. The business's revenue was up 1014.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.84) EPS. Analysts expect that Arvinas will post 0.05 earnings per share for the current fiscal year.

Insider Activity at Arvinas

In other Arvinas news, CFO Andrew Saik sold 5,696 shares of Arvinas stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $8.16, for a total value of $46,479.36. Following the completion of the transaction, the chief financial officer owned 187,432 shares in the company, valued at approximately $1,529,445.12. The trade was a 2.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 7.30% of the stock is owned by insiders.

Institutional Trading of Arvinas

Several hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC raised its position in 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 boosted its position in Arvinas by 109.4% in the 2nd quarter. Canada Pension Plan Investment Board now owns 6,700 shares of the company's stock valued at $49,000 after buying an additional 3,500 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Arvinas in the 2nd quarter valued at $85,000. Corient Private Wealth LP acquired a new stake in shares of Arvinas in the 2nd quarter valued at $95,000. Finally, Jain Global LLC bought a new stake in shares of Arvinas during the third quarter worth $95,000. 95.19% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source