Arvinas (NASDAQ:ARVN) Trading 4.9% Higher - What's Next?

Key Points

• Arvinas, Inc. shares increased by 4.9% to $8.13, but trading volume saw a significant drop of 84% compared to its average.
• Analysts have lowered price targets for Arvinas, with estimates ranging from $9.00 to $15.00, while maintaining buy or hold ratings amid a challenging earnings report.
• The company has initiated a $100 million share repurchase program, indicating confidence in its stock's value, and reported a negative earnings outlook for the year.

Arvinas, Inc. (NASDAQ:ARVN - Get Free Report) shares rose 4.9% during trading on Friday . The company traded as high as $8.02 and last traded at $8.13. Approximately 348,109 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 2,112,484 shares. The stock had previously closed at $7.75.

Analysts Set New Price Targets

ARVN has been the topic of a number of research analyst reports. BTIG Research reduced their target price on Arvinas from $16.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, September 18th. Guggenheim lowered their price target on Arvinas from $16.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Bank of America cut Arvinas from a "buy" rating to a "neutral" rating and set a $10.00 price target for the company. in a research report on Wednesday. Leerink Partnrs lowered Arvinas from a "strong-buy" rating to a "hold" rating in a research note on Sunday, June 1st. Finally, Leerink Partners reiterated a "market perform" rating and issued a $9.00 price objective (down from $10.00) on shares of Arvinas in a research note on Monday, June 2nd. One equities research 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 company's stock. According to MarketBeat, Arvinas has an average rating of "Moderate Buy" and an average target price of $16.18.

Arvinas Price Performance

The company's 50-day simple moving average is $7.48 and its 200-day simple moving average is $7.54. The stock has a market capitalization of $604.61 million, a price-to-earnings ratio of -8.17 and a beta of 2.38.

Arvinas (NASDAQ:ARVN - Get Free Report) last announced its quarterly earnings data 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. Arvinas had a negative net margin of 19.47% and a negative return on equity of 12.01%. The business had revenue of $22.40 million for the quarter, compared to analysts' expectations of $34.42 million. During the same period last year, the firm posted ($0.49) earnings per share. The firm's quarterly revenue was down 70.7% compared to the same quarter last year. Research analysts expect that Arvinas, Inc. will post -3.81 earnings per share for the current year.

Arvinas announced that its board has approved a share repurchase program on Wednesday, September 17th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 17.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Insider Transactions at Arvinas

In other news, Director Briggs Morrison purchased 30,000 shares of Arvinas stock in a transaction dated Monday, September 22nd. The stock was purchased at an average cost of $7.57 per share, for a total transaction of $227,100.00. Following the transaction, the director directly owned 76,021 shares of the company's stock, valued at approximately $575,478.97. This trade represents a 65.19% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.73% of the stock is owned by insiders.

Hedge Funds Weigh In On Arvinas

Several hedge funds and other institutional investors have recently modified their holdings of ARVN. GAMMA Investing LLC increased its stake in shares of Arvinas by 11,283.8% during the first quarter. GAMMA Investing LLC now owns 4,212 shares of the company's stock valued at $300,000 after purchasing an additional 4,175 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of Arvinas by 965.4% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 4,656 shares of the company's stock worth $33,000 after acquiring an additional 4,219 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Arvinas by 491.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,819 shares of the company's stock worth $43,000 after acquiring an additional 4,835 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of 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 raised its position in shares of 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. 95.19% of the stock is owned by 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.

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