BTIG Research Has Lowered Expectations for Arvinas (NASDAQ:ARVN) Stock Price

Key Points

• BTIG Research has lowered its price target for Arvinas from $16.00 to $10.00 while maintaining a "buy" rating, indicating a potential upside of 29.18% from the stock's current price.
• The company's recent quarterly earnings report showed a loss of ($0.84) per share, with revenue of $22.40 million, significantly below analyst expectations of $34.42 million.
• Institutional investors hold 95.19% of the stock, indicating strong confidence in the company's future despite recent downgrades in ratings from various analysts.

Arvinas (NASDAQ:ARVN - Free Report) had its price target cut by BTIG Research from $16.00 to $10.00 in a research note published on Thursday, Marketbeat.com reports. They currently have a buy rating on the stock.

A number of other analysts have also recently commented on ARVN. Barclays began coverage on Arvinas in a research report on Wednesday. They set an "overweight" rating and a $16.00 target price on the stock. Guggenheim decreased their price objective on shares of Arvinas from $16.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Stephens cut their target price on shares of Arvinas from $16.00 to $14.00 and set an "overweight" rating on the stock in a report on Thursday. Leerink Partners reiterated a "market perform" rating and set a $9.00 price objective (down previously from $10.00) on shares of Arvinas in a research note on Monday, June 2nd. Finally, Wells Fargo & Company lowered their price objective on shares of Arvinas from $19.00 to $16.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, Arvinas presently has an average rating of "Moderate Buy" and an average price target of $17.13.

Arvinas Trading Down 2.6%

Shares of ARVN stock traded down $0.20 during mid-day trading on Thursday, reaching $7.52. The stock had a trading volume of 3,445,050 shares, 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 has a market cap of $552.12 million, a price-to-earnings ratio of -7.45 and a beta of 2.38. The business's fifty day moving average is $7.48 and its 200-day moving average is $7.75.

Arvinas (NASDAQ:ARVN - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.84) earnings per share for the quarter, beating the consensus estimate of ($0.87) by $0.03. The business had revenue of $22.40 million for the quarter, compared to the consensus estimate 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 quarterly revenue was down 70.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.49) earnings per share. On average, analysts forecast that Arvinas will post -3.81 earnings per share for the current year.

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

Insider Activity at Arvinas

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

Institutional Investors Weigh In On Arvinas

Several large investors have recently made changes to their positions in the stock. Caxton Associates LLP bought a new stake in shares of Arvinas during the second quarter worth $2,194,000. Tower Research Capital LLC TRC raised its position in shares of Arvinas by 491.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,819 shares of the company's stock valued at $43,000 after buying an additional 4,835 shares in the last quarter. Monimus Capital Management LP bought a new stake in shares of Arvinas during the 2nd quarter valued at approximately $1,134,000. Wasatch Advisors LP bought a new stake in Arvinas during the 2nd quarter worth approximately $3,330,000. Finally, Rangeley Capital LLC lifted its position in shares of Arvinas by 28.0% in the 2nd quarter. Rangeley Capital LLC now owns 694,800 shares of the company's stock worth $5,114,000 after purchasing an additional 151,800 shares during the period. Institutional investors own 95.19% of the company's stock.

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.