Arvinas (NASDAQ:ARVN) Director Briggs Morrison Buys 30,000 Shares

Key Points

• Briggs Morrison, a director at Arvinas, bought **30,000 shares** at an average price of **$7.57** each, increasing his ownership by **65.19%**.
• Arvinas announced a **$100 million** share repurchase plan, indicating that the company's board believes its stock is undervalued.
• The company reported a quarterly loss of **($0.84) EPS**, beating analyst expectations, but revenue was down **70.7%** year-over-year, at **$22.40 million**.

Arvinas, Inc. (NASDAQ:ARVN - Get Free Report) Director Briggs Morrison purchased 30,000 shares of the company's stock in a transaction dated Monday, September 22nd. The stock was bought at an average price of $7.57 per share, with a total value of $227,100.00. Following the completion of the transaction, the director directly owned 76,021 shares of the company's stock, valued at approximately $575,478.97. This represents a 65.19% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Arvinas Stock Performance

Shares of ARVN stock traded up $0.17 during trading hours on Wednesday, reaching $7.70. The company had a trading volume of 484,965 shares, compared to its average volume of 2,103,947. The stock has a fifty day moving average of $7.48 and a 200-day moving average of $7.60. The company has a market capitalization of $565.33 million, a price-to-earnings ratio of -7.58 and a beta of 2.38. Arvinas, Inc. has a 12-month low of $5.90 and a 12-month high of $29.61.

Arvinas (NASDAQ:ARVN - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.84) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.87) by $0.03. The business had revenue of $22.40 million during the quarter, compared to analyst estimates of $34.42 million. Arvinas had a negative return on equity of 12.01% and a negative net margin of 19.47%.The business's revenue was down 70.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.49) earnings per share. On average, analysts forecast that Arvinas, Inc. will post -3.81 EPS for the current year.

Arvinas announced that its board has initiated a share repurchase plan on Wednesday, September 17th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to purchase up to 17.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms recently commented on ARVN. Leerink Partnrs cut Arvinas from a "strong-buy" rating to a "hold" rating in a report on Sunday, June 1st. Wells Fargo & Company decreased their price objective on Arvinas from $19.00 to $16.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Guggenheim decreased their price objective on Arvinas from $16.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Leerink Partners restated a "market perform" rating and set a $9.00 price target (down from $10.00) on shares of Arvinas in a research note on Monday, June 2nd. Finally, Stephens decreased their price target on Arvinas from $16.00 to $14.00 and set an "overweight" rating on the stock in a research note on Thursday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $16.18.

Institutional Investors Weigh In On Arvinas

Several hedge funds and other institutional investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. acquired a new position in Arvinas during the 4th quarter valued at about $28,000. Caitong International Asset Management Co. Ltd boosted its stake in Arvinas by 965.4% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 4,656 shares of the company's stock valued at $33,000 after purchasing an additional 4,219 shares during the period. Tower Research Capital LLC TRC boosted its stake in Arvinas by 491.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,819 shares of the company's stock valued at $43,000 after purchasing an additional 4,835 shares during the period. Canada Pension Plan Investment Board boosted its stake in Arvinas by 109.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 6,700 shares of the company's stock valued at $49,000 after purchasing an additional 3,500 shares during the period. Finally, CWM LLC boosted its stake in Arvinas by 2,317.5% during the 1st quarter. CWM LLC now owns 7,615 shares of the company's stock valued at $53,000 after purchasing an additional 7,300 shares during the period. Institutional investors 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.

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