Arvinas, Inc. $ARVN Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. reduced its position in Arvinas, Inc. by 39.2%, selling 32,513 shares and now holding a total of 50,366 shares valued at $371,000.
• Institutional investors own an impressive 95.19% of Arvinas stock, with significant increases in holdings by firms such as Vanguard and Federated Hermes.
• Analysts have downgraded price targets for Arvinas, with the average target at $16.18, while the stock currently trades at around $8.27.

Assenagon Asset Management S.A. lowered its stake in shares of Arvinas, Inc. (NASDAQ:ARVN - Free Report) by 39.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 50,366 shares of the company's stock after selling 32,513 shares during the period. Assenagon Asset Management S.A. owned 0.07% of Arvinas worth $371,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Arvinas by 18.4% during the first quarter. Vanguard Group Inc. now owns 8,362,200 shares of the company's stock valued at $58,703,000 after acquiring an additional 1,299,639 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Arvinas in the 1st quarter worth about $80,000. Monaco Asset Management SAM boosted its stake in Arvinas by 1,161.8% in the 1st quarter. Monaco Asset Management SAM now owns 315,459 shares of the company's stock worth $2,215,000 after buying an additional 290,459 shares during the last quarter. Federated Hermes Inc. boosted its stake in Arvinas by 1,965.0% in the 1st quarter. Federated Hermes Inc. now owns 980,674 shares of the company's stock worth $6,884,000 after buying an additional 933,183 shares during the last quarter. Finally, XTX Topco Ltd boosted its stake in Arvinas by 194.2% in the 1st quarter. XTX Topco Ltd now owns 78,257 shares of the company's stock worth $549,000 after buying an additional 51,658 shares during the last quarter. Institutional investors and hedge funds own 95.19% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ARVN. Stephens decreased their price target on Arvinas from $16.00 to $14.00 and set an "overweight" rating on the stock in a research note on Thursday, September 18th. Leerink Partners reissued 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. BTIG Research decreased their price target on Arvinas from $16.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday, September 18th. Leerink Partnrs lowered Arvinas from a "strong-buy" rating to a "hold" rating in a research note on Sunday, June 1st. Finally, HC Wainwright decreased their price target on Arvinas from $24.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. One 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $16.18.

Arvinas Price Performance

NASDAQ ARVN opened at $8.27 on Monday. The firm has a market capitalization of $607.18 million, a P/E ratio of -8.19 and a beta of 2.38. Arvinas, Inc. has a 1-year low of $5.90 and a 1-year high of $29.61. The business's 50-day simple moving average is $7.50 and its 200-day simple moving average is $7.52.

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, beating the consensus estimate of ($0.87) by $0.03. The business had revenue of $22.40 million for the quarter, compared to analyst estimates of $34.42 million. Arvinas had a negative return on equity of 12.01% and a negative net margin of 19.47%.The company's revenue was down 70.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.49) EPS. On average, equities research analysts expect that Arvinas, Inc. will post -3.81 EPS for the current fiscal year.

Arvinas announced that its Board of Directors has approved a stock repurchase plan on Wednesday, September 17th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 17.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Insider Activity at Arvinas

In related news, Director Briggs Morrison bought 30,000 shares of the company's stock in a transaction that occurred on Monday, September 22nd. The shares were acquired at an average cost of $7.57 per share, for a total transaction of $227,100.00. Following the acquisition, the director owned 76,021 shares in the company, valued at $575,478.97. This represents a 65.19% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 4.73% 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.

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