Arvinas' (ARVN) "Equal Weight" Rating Reaffirmed at Wells Fargo & Company

Key Points

• Wells Fargo reaffirmed its “equal weight” rating on Arvinas, while analyst sentiment remained mixed; the consensus rating is “Hold” with an average price target of $15.42.
• Arvinas reported quarterly revenue of $249.7 million, far exceeding the $60.7 million consensus estimate, and EPS of $2.58 versus expectations for a $0.37 loss. Revenue increased more than 1,000% year over year, though analysts project a full-year loss of $2.82 per share.
• Shares traded at $8.82, within a 52-week range of $6.05 to $14.51. Institutional investors and hedge funds own approximately 95.19% of the stock, while recent insider sales were attributed to tax withholding obligations tied to equity awards.

Arvinas (NASDAQ:ARVN - Get Free Report)'s stock had its "equal weight" rating reiterated by research analysts at Wells Fargo & Company in a note issued to investors on Tuesday, Marketbeat reports.

A number of other equities research analysts also recently weighed in on ARVN. BTIG Research restated a "buy" rating and issued a $18.00 price target on shares of Arvinas in a research note on Tuesday. Barclays boosted their price objective on Arvinas from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 13th. Wall Street Zen raised shares of Arvinas from a "strong sell" rating to a "sell" rating in a research report on Sunday, July 26th. Zacks Research raised shares of Arvinas from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 26th. Finally, Stephens reaffirmed an "overweight" rating and issued a $18.00 price objective on shares of Arvinas in a report on Wednesday, June 3rd. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $15.42.

Arvinas Stock Performance

Shares of NASDAQ ARVN traded up $0.76 during midday trading on Tuesday, reaching $8.82. 2,114,974 shares of the company's stock were exchanged, compared to its average volume of 825,603. The stock has a market capitalization of $569.00 million, a PE ratio of -2.65 and a beta of 1.71. The business's fifty day moving average price is $8.07 and its two-hundred day moving average price is $10.32. Arvinas has a 52-week low of $6.05 and a 52-week high of $14.51.

Arvinas (NASDAQ:ARVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $2.58 EPS for the quarter, topping analysts' consensus estimates of ($0.37) by $2.95. Arvinas had a negative return on equity of 44.38% and a negative net margin of 247.54%.The firm had revenue of $249.70 million for the quarter, compared to the consensus estimate of $60.71 million. During the same quarter in the prior year, the company posted ($0.84) earnings per share. The firm's revenue was up 1014.7% on a year-over-year basis. Analysts predict that Arvinas will post -2.82 earnings per share for the current fiscal year.

Insider Transactions at Arvinas

In other Arvinas news, CFO Andrew Saik sold 11,139 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $9.94, for a total transaction of $110,721.66. Following the sale, the chief financial officer owned 193,128 shares of the company's stock, valued at approximately $1,919,692.32. This trade represents a 5.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 that occurred on Monday, May 11th. The shares were sold at an average price of $9.94, for a total value of $95,990.58. Following the completion of the sale, the chief executive officer directly owned 287,218 shares in the company, valued at $2,854,946.92. This represents 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 three months, insiders have sold 41,728 shares of company stock valued at $402,649. 7.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arvinas

Several hedge funds have recently bought and sold shares of ARVN. TCG Crossover Management LLC bought a new stake in shares of Arvinas during the 3rd quarter worth approximately $13,780,000. Balyasny Asset Management L.P. lifted its stake in shares of Arvinas by 469.1% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,207,267 shares of the company's stock worth $10,286,000 after purchasing an additional 995,125 shares during the period. Qube Research & Technologies Ltd increased its holdings in Arvinas by 154.8% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,486,864 shares of the company's stock worth $12,668,000 after acquiring an additional 903,337 shares in the last quarter. Millennium Management LLC raised its holdings in Arvinas by 208.4% during the first quarter. Millennium Management LLC now owns 1,310,326 shares of the company's stock valued at $9,198,000 after acquiring an additional 885,483 shares during the period. Finally, Armistice Capital LLC grew its position in shares of Arvinas by 114.3% during the third quarter. Armistice Capital LLC now owns 1,200,000 shares of the company's stock worth $10,224,000 after purchasing an additional 640,000 shares in the last quarter. 95.19% of the stock is 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.

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