Arvinas (NASDAQ:ARVN) Coverage Initiated by Analysts at Barclays

Key Points

• Barclays has reaffirmed its "overweight" rating for Arvinas (NASDAQ:ARVN), setting a price target of $16.00, indicating a potential upside of 109.42% from current levels.
• Despite Barclays’ positive outlook, other analysts have varied opinions with Guggenheim lowering its price target to $15.00 and Leerink Partners dropping its rating from "strong-buy" to "hold."
• Arvinas reported a 70.7% decline in year-over-year revenue, posting a revenue of $22.40 million for the latest quarter.

Equities research analysts at Barclays began coverage on shares of Arvinas (NASDAQ:ARVN - Get Free Report) in a report released on Wednesday, MarketBeat Ratings reports. The firm set an "overweight" rating and a $16.00 price target on the stock. Barclays's price objective indicates a potential upside of 112.77% from the company's current price.

Several other research analysts also recently weighed in on the stock. Leerink Partnrs downgraded shares of Arvinas from a "strong-buy" rating to a "hold" rating in a report on Sunday, June 1st. Leerink Partners restated a "market perform" rating and set a $9.00 price objective (down previously from $10.00) on shares of Arvinas in a report on Monday, June 2nd. Wells Fargo & Company lowered their target price on shares of Arvinas from $19.00 to $16.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Guggenheim lowered their target price on shares of Arvinas from $16.00 to $15.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Finally, HC Wainwright lowered their target price 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. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, Arvinas currently has a consensus rating of "Moderate Buy" and an average price target of $17.13.

Arvinas Price Performance

Shares of Arvinas stock traded down $0.20 during trading on Wednesday, reaching $7.52. 3,445,050 shares of the company traded hands, compared to its average volume of 1,471,559. The company has a 50 day moving average price of $7.48 and a 200-day moving average price of $7.75. Arvinas has a 1-year low of $5.90 and a 1-year high of $29.61. 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, topping the consensus estimate 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 firm had revenue of $22.40 million for the quarter, compared to the consensus estimate of $34.42 million. During the same quarter in the prior year, the company posted ($0.49) earnings per share. The business's revenue was down 70.7% on a year-over-year basis. Equities research analysts expect that Arvinas will post -3.81 earnings per share for the current year.

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

Insider Activity at Arvinas

In other Arvinas news, CFO Andrew Saik sold 5,700 shares of Arvinas 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 transaction, the chief financial officer directly owned 164,401 shares of the company's stock, valued at approximately $1,251,091.61. This trade represents a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 4.73% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Arvinas by 18.4% in the first quarter. Vanguard Group Inc. now owns 8,362,200 shares of the company's stock worth $58,703,000 after purchasing an additional 1,299,639 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Arvinas in the first quarter worth approximately $80,000. Monaco Asset Management SAM grew its holdings in shares of Arvinas by 1,161.8% in the first quarter. Monaco Asset Management SAM now owns 315,459 shares of the company's stock worth $2,215,000 after purchasing an additional 290,459 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Arvinas by 1,965.0% in the first quarter. Federated Hermes Inc. now owns 980,674 shares of the company's stock worth $6,884,000 after purchasing an additional 933,183 shares during the last quarter. Finally, Two Sigma Advisers LP grew its holdings in shares of Arvinas by 24.2% in the fourth quarter. Two Sigma Advisers LP now owns 282,600 shares of the company's stock worth $5,417,000 after purchasing an additional 55,000 shares during the last quarter. Institutional investors own 95.19% of the company's stock.

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.