Arvinas (NASDAQ:ARVN) Earns Neutral Rating from Wedbush

Key Points

• Wedbush has restated its "neutral" rating for Arvinas (NASDAQ:ARVN) with a target price of $9.00, down from <$strong>$10.00, indicating a potential upside of 20.18% from its previous close.
• Arvinas reported a quarterly EPS of ($0.84), beating expectations but showing a 70.7% year-over-year decline in revenue, amounting to $22.40 million.
• Approximately 95.19% of Arvinas' stock is owned by institutional investors following several recent acquisitions and modifications to holdings in the second quarter.

Arvinas (NASDAQ:ARVN - Get Free Report)'s stock had its "neutral" rating restated by research analysts at Wedbush in a research report issued on Thursday,RTT News reports. They currently have a $9.00 price objective on the stock, down from their prior price objective of $10.00. Wedbush's price objective would suggest a potential upside of 19.68% from the stock's previous close.

ARVN has been the subject of several other research reports. HC Wainwright cut their price target on shares of Arvinas from $24.00 to $18.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Stephens cut their price target on shares of Arvinas from $16.00 to $14.00 and set an "overweight" rating for the company in a report on Thursday. Barclays initiated coverage on shares of Arvinas in a report on Wednesday. They issued an "overweight" rating and a $16.00 price target for the company. BTIG Research cut their price target on shares of Arvinas from $16.00 to $10.00 and set a "buy" rating for the company in a report on Thursday. Finally, Leerink Partnrs cut shares of Arvinas from a "strong-buy" rating to a "hold" rating in a research note on Sunday, June 1st. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, Arvinas presently has an average rating of "Moderate Buy" and a consensus target price of $17.13.

Arvinas Trading Down 2.6%

NASDAQ ARVN traded down $0.20 on Thursday, hitting $7.52. 3,445,050 shares of the company's stock traded hands, compared to its average volume of 1,471,559. Arvinas has a 1-year low of $5.90 and a 1-year high of $29.61. The firm's 50-day moving average price is $7.48 and its two-hundred day moving average price is $7.75. The firm has a market capitalization of $552.12 million, a PE ratio of -7.45 and a beta of 2.38.

Arvinas (NASDAQ:ARVN - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.84) earnings per share for the quarter, beating analysts' consensus estimates of ($0.87) by $0.03. Arvinas had a negative net margin of 19.47% and a negative return on equity of 12.01%. The company had revenue of $22.40 million during the quarter, compared to analysts' expectations of $34.42 million. During the same quarter in the previous year, the company earned ($0.49) earnings per share. The firm's revenue for the quarter was down 70.7% on a year-over-year basis. On average, research analysts anticipate that Arvinas will post -3.81 earnings per share for the current fiscal year.

Arvinas announced that its Board of Directors has initiated a share buyback program on Wednesday, September 17th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 17.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Arvinas

In related news, CFO Andrew Saik sold 5,700 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $7.61, for a total transaction of $43,377.00. Following the sale, the chief financial officer directly owned 164,401 shares in the company, valued at approximately $1,251,091.61. This represents a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arvinas

Several hedge funds have recently added to or reduced their stakes in ARVN. Alyeska Investment Group L.P. purchased a new position in Arvinas in the first quarter valued at approximately $12,636,000. Vanguard Group Inc. increased its stake in Arvinas by 18.4% in the first quarter. Vanguard Group Inc. now owns 8,362,200 shares of the company's stock valued at $58,703,000 after purchasing an additional 1,299,639 shares during the last quarter. Acadian Asset Management LLC increased its stake in Arvinas by 791.1% in the second quarter. Acadian Asset Management LLC now owns 1,427,832 shares of the company's stock valued at $10,498,000 after purchasing an additional 1,267,593 shares during the last quarter. Philosophy Capital Management LLC purchased a new position in Arvinas in the first quarter valued at approximately $6,992,000. Finally, Federated Hermes Inc. increased its stake in Arvinas by 1,965.0% in the first quarter. Federated Hermes Inc. now owns 980,674 shares of the company's stock valued at $6,884,000 after purchasing an additional 933,183 shares during the last quarter. 95.19% of the stock is currently owned by hedge funds and other institutional investors.

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.