Arvinas (NASDAQ:ARVN) Given New $18.00 Price Target at Citigroup

Key Points

• Citigroup raised its price target on Arvinas from $15 to $18 and maintains a "buy" rating, implying roughly a 33% upside from the current share price.
• Arvinas reported a weak quarter—EPS of ($1.10) missed the ($0.55) estimate and revenue fell ~84% year‑over‑year to $9.5M—while shares traded around $13.53 versus a consensus analyst target of $13.65.
• Company insiders sold about 57,429 shares (~$731k) over the last three months, reducing insider ownership to 4.73%, while institutional and hedge fund ownership is very high at ~95.19%.

Arvinas (NASDAQ:ARVN - Get Free Report) had its price target hoisted by Citigroup from $15.00 to $18.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price objective would suggest a potential upside of 33.04% from the company's current price.

ARVN has been the subject of a number of other reports. Wall Street Zen lowered shares of Arvinas from a "hold" rating to a "sell" rating in a research note on Monday. Wedbush increased their price objective on shares of Arvinas from $9.00 to $11.00 and gave the company a "neutral" rating in a research report on Tuesday, February 24th. Wells Fargo & Company reduced their price objective on shares of Arvinas from $16.00 to $15.00 and set an "overweight" rating on the stock in a report on Thursday, November 6th. Stephens boosted their target price on shares of Arvinas from $14.00 to $15.00 and gave the stock an "overweight" rating in a research note on Monday, November 10th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Arvinas in a report on Monday, December 22nd. Ten equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $13.65.

Arvinas Stock Down 1.7%

ARVN stock traded down $0.23 during midday trading on Thursday, hitting $13.53. The company's stock had a trading volume of 561,736 shares, compared to its average volume of 806,632. The firm has a 50-day simple moving average of $12.56 and a 200-day simple moving average of $10.76. The firm has a market capitalization of $865.39 million, a P/E ratio of -10.57 and a beta of 1.87. Arvinas has a 52-week low of $5.90 and a 52-week high of $18.93.

Arvinas (NASDAQ:ARVN - Get Free Report) last announced its quarterly earnings data on Tuesday, February 24th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.55). Arvinas had a negative net margin of 30.77% and a negative return on equity of 14.25%. The company had revenue of $9.50 million during the quarter, compared to analyst estimates of $37.26 million. During the same quarter in the previous year, the business posted ($0.63) earnings per share. The firm's revenue was down 84.0% on a year-over-year basis. On average, sell-side analysts expect that Arvinas will post -3.81 earnings per share for the current fiscal year.

Insider Transactions at Arvinas

In other news, CFO Andrew Saik sold 5,134 shares of Arvinas stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $11.89, for a total transaction of $61,043.26. Following the sale, the chief financial officer owned 159,267 shares in the company, valued at approximately $1,893,684.63. The trade was a 3.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Noah Berkowitz sold 5,685 shares of the company's stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $11.89, for a total value of $67,594.65. Following the completion of the sale, the insider directly owned 163,938 shares of the company's stock, valued at approximately $1,949,222.82. This trade represents a 3.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 57,429 shares of company stock worth $731,014 over the last three months. 4.73% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arvinas

A number of institutional investors have recently modified their holdings of the business. ProShare Advisors LLC raised its position in Arvinas by 7.2% in the 4th quarter. ProShare Advisors LLC now owns 14,827 shares of the company's stock valued at $176,000 after purchasing an additional 993 shares during the last quarter. Intech Investment Management LLC raised its holdings in shares of Arvinas by 3.6% in the third quarter. Intech Investment Management LLC now owns 32,653 shares of the company's stock valued at $278,000 after buying an additional 1,125 shares during the last quarter. MetLife Investment Management LLC raised its holdings in shares of Arvinas by 4.3% in the fourth quarter. MetLife Investment Management LLC now owns 33,810 shares of the company's stock valued at $401,000 after buying an additional 1,381 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Arvinas by 5.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,636 shares of the company's stock worth $271,000 after buying an additional 2,122 shares during the period. Finally, Oxford Asset Management LLP grew its holdings in shares of Arvinas by 15.5% during the second quarter. Oxford Asset Management LLP now owns 16,705 shares of the company's stock worth $123,000 after buying an additional 2,242 shares during the last quarter. 95.19% of the stock is owned by institutional investors and hedge funds.

Arvinas Company Profile

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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