252,939 Shares in Arvinas, Inc. $ARVN Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 252,939 Arvinas shares in the second quarter, worth approximately $2.1 million and representing 0.39% of the company. Institutional investors and hedge funds collectively own 95.19% of ARVN.
• Analyst sentiment is mixed, with five Buy, three Hold, and two Sell ratings; the consensus rating is Hold, with an average price target of $14.55.
• Arvinas shares opened at $7.74, near the lower end of their 12-month range, while the company reported quarterly revenue of $249.7 million—up 1,014.7% year over year—and earnings of $2.58 per share, far exceeding estimates.

Bank of America Corp DE acquired a new stake in Arvinas, Inc. (NASDAQ:ARVN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 252,939 shares of the company's stock, valued at approximately $2,102,000. Bank of America Corp DE owned 0.39% of Arvinas at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of ARVN. Quantbot Technologies LP acquired a new stake in Arvinas during the second quarter worth about $85,000. Canada Pension Plan Investment Board bought a new position in Arvinas during the second quarter valued at about $112,000. Portland Investment Counsel Inc. acquired a new position in Arvinas in the 2nd quarter valued at approximately $116,000. State of Wyoming acquired a new position in Arvinas in the 2nd quarter valued at approximately $125,000. Finally, Globeflex Capital L P bought a new stake in shares of Arvinas in the 4th quarter worth approximately $132,000. Institutional investors and hedge funds own 95.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ARVN shares. Citigroup decreased their price objective on Arvinas from $24.00 to $21.00 and set a "buy" rating on the stock in a report on Monday, August 10th. Weiss Ratings upgraded Arvinas from a "sell (e+)" rating to a "sell (d)" rating in a research note on Thursday, August 13th. BTIG Research reiterated a "buy" rating and set a $18.00 price target on shares of Arvinas in a research note on Tuesday, August 4th. Morgan Stanley set a $10.00 price target on shares of Arvinas in a research note on Monday, August 10th. Finally, Zacks Research lowered shares of Arvinas from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 3rd. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Arvinas has an average rating of "Hold" and an average target price of $14.55.

Arvinas Stock Up 3.2%

Shares of NASDAQ:ARVN opened at $7.74 on Thursday. Arvinas, Inc. has a 12 month low of $6.97 and a 12 month high of $14.51. The company's 50-day moving average price is $8.67 and its two-hundred day moving average price is $9.11. The firm has a market cap of $499.38 million, a P/E ratio of 77.41 and a beta of 1.75.

Arvinas (NASDAQ:ARVN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.37) by $2.95. The company had revenue of $249.70 million for the quarter, compared to analyst estimates of $60.71 million. Arvinas had a net margin of 2.94% and a return on equity of 1.91%. Arvinas's quarterly revenue was up 1014.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.84) earnings per share. As a group, equities analysts predict that Arvinas, Inc. will post 0.05 earnings per share for the current fiscal year.

Arvinas Profile

Arvinas, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that selectively remove disease-causing proteins from cells. The company's approach, known as targeted protein degradation, uses proprietary PROTAC technology to direct specific proteins to the cell's natural disposal machinery. Arvinas applies this platform primarily to cancer and other serious diseases in which abnormal or unwanted proteins contribute to disease progression.

Arvinas' pipeline has included vepdegestrant, formerly known as ARV-471, an investigational oral estrogen receptor degrader being developed for patients with estrogen receptor-positive, HER2-negative breast cancer.

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