Arvinas (NASDAQ:ARVN) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Arvinas from “strong buy” to “hold.” Despite the downgrade, analysts’ overall consensus remains “Moderate Buy,” with a consensus price target of $15.18.
• Arvinas reported quarterly adjusted earnings per share of -$0.82, better than the -$0.92 estimate, but revenue of $0.50 million fell well short of the $12.39 million consensus and was down 98.8% year over year.
• Shares opened at $6.92 and were up 2.4% on the day; the stock’s 12-month range is $6.33 to $14.51.

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

ARVN has been the subject of several other research reports. Weiss Ratings lowered shares of Arvinas from a "sell (d)" rating to a "sell (e+)" rating in a research report on Wednesday, November 4th. Wedbush increased 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. BTIG Research reiterated a "buy" rating and issued a $18.00 price target on shares of Arvinas in a report on Tuesday, August 4th. HC Wainwright assumed coverage on shares of Arvinas in a research note on Tuesday, November 3rd. They set a "buy" rating and a $13.00 price objective for the company. Finally, Morgan Stanley set a $10.00 price objective on Arvinas in a report on Monday, August 10th. Six investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $15.18.

Arvinas Trading Up 2.4%

Shares of NASDAQ:ARVN opened at $6.92 on Monday. The firm has a market cap of $453.16 million, a price-to-earnings ratio of -28.83 and a beta of 1.81. The stock's 50-day moving average price is $7.77 and its two-hundred day moving average price is $9.52. Arvinas has a 12-month low of $6.33 and a 12-month high of $14.51.

Arvinas (NASDAQ:ARVN - Get Free Report) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported ($0.82) EPS for the quarter, beating analysts' consensus estimates of ($0.92) by $0.10. The company had revenue of $0.50 million during the quarter, compared to the consensus estimate of $12.39 million. Arvinas had a negative net margin of 3.45% and a negative return on equity of 2.00%. The company's quarterly revenue was down 98.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.48) EPS. As a group, research analysts forecast that Arvinas will post 0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arvinas

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Arvinas during the 3rd quarter worth $26,000. Pinnacle Wealth Planning Services Inc. acquired a new position in shares of Arvinas during the third quarter worth about $45,000. Integrated Wealth Concepts LLC acquired a new position in shares of Arvinas during the second quarter worth about $48,000. Quantbot Technologies LP acquired a new position in shares of Arvinas during the second quarter worth about $85,000. Finally, China Universal Asset Management Co. Ltd. boosted its position in shares of Arvinas by 16.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 11,930 shares of the company's stock worth $89,000 after buying an additional 1,661 shares during the period. Institutional investors and hedge funds own 95.19% of the company's stock.

Arvinas Company Profile

Arvinas, Inc. is a biotechnology company based in New Haven, Connecticut, that develops medicines using targeted protein degradation. Founded in 2013, the company applies its PROTAC technology to direct disease-related proteins for removal by the body's natural protein-disposal system. Its research focuses primarily on cancer, including investigational therapies designed to target estrogen and androgen receptors. The company's programs include vepdegestrant, an estrogen receptor degrader being developed with Pfizer for certain forms of breast cancer, as well as androgen receptor degraders being studied for prostate cancer.

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