Arvinas (NASDAQ:ARVN) Stock Price Up 8.7% - Here's Why

Shares of Arvinas, Inc. (NASDAQ:ARVN - Get Free Report) shot up 8.7% on Friday . The company traded as high as $7.52 and last traded at $7.52. 1,421,506 shares were traded during trading, an increase of 3% from the average session volume of 1,386,359 shares. The stock had previously closed at $6.92.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ARVN. Barclays decreased their price target on shares of Arvinas from $32.00 to $16.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Bank of America decreased their price target on Arvinas from $54.00 to $28.00 and set a "buy" rating for the company in a research note on Wednesday, March 12th. UBS Group decreased their price target on Arvinas from $74.00 to $21.00 and set a "buy" rating for the company in a research note on Thursday, May 15th. Leerink Partners reiterated a "market perform" rating and issued a $9.00 price target (down from $10.00) on shares of Arvinas in a research note on Monday, June 2nd. Finally, HC Wainwright set a $24.00 price target on Arvinas in a research note on Monday, June 2nd. Ten analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Arvinas has a consensus rating of "Moderate Buy" and a consensus price target of $20.29.

Arvinas Price Performance

The company has a market cap of $571.52 million, a price-to-earnings ratio of -2.83 and a beta of 2.19. The firm's fifty day moving average price is $7.29 and its 200-day moving average price is $13.88.

Arvinas (NASDAQ:ARVN - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.93) by $2.07. Arvinas had a negative net margin of 75.51% and a negative return on equity of 33.75%. During the same quarter in the prior year, the business earned ($0.97) earnings per share. The company's quarterly revenue was up 646.2% on a year-over-year basis. As a group, equities analysts forecast that Arvinas, Inc. will post -3.81 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Noah Berkowitz sold 8,658 shares of the business's stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $8.59, for a total transaction of $74,372.22. Following the completion of the transaction, the insider now directly owns 110,023 shares in the company, valued at approximately $945,097.57. The trade was a 7.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.73% of the company's stock.

Hedge Funds Weigh In On Arvinas

Hedge funds and other institutional investors have recently made changes to their positions in the business. Affinity Asset Advisors LLC boosted its position in shares of Arvinas by 180.0% during the fourth quarter. Affinity Asset Advisors LLC now owns 630,000 shares of the company's stock worth $12,077,000 after buying an additional 405,000 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new stake in Arvinas in the fourth quarter worth about $1,534,000. Kennedy Capital Management LLC lifted its holdings in Arvinas by 42.0% in the fourth quarter. Kennedy Capital Management LLC now owns 208,992 shares of the company's stock worth $4,006,000 after purchasing an additional 61,802 shares during the period. BIT Capital GmbH lifted its holdings in Arvinas by 291.7% in the fourth quarter. BIT Capital GmbH now owns 263,527 shares of the company's stock worth $5,052,000 after purchasing an additional 196,246 shares during the period. Finally, Northern Trust Corp lifted its holdings in Arvinas by 7.2% in the fourth quarter. Northern Trust Corp now owns 631,131 shares of the company's stock worth $12,099,000 after purchasing an additional 42,638 shares during the period. 95.19% of the stock is currently owned by institutional investors and hedge funds.

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.