Bank of New York Mellon Corp Purchases New Position in Arvinas, Inc. $ARVN

Key Points

• Bank of New York Mellon acquired 254,997 Arvinas shares worth approximately $2.1 million in the second quarter, joining other institutional investors adding to their positions. Institutions now own 95.19% of ARVN.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $14.17; recent targets range from $10 to $20.
• Arvinas reported a strong quarter, posting $2.58 in EPS versus an expected loss of $0.37 and $249.7 million in revenue, up 1,014.7% year over year. The stock opened at $9.39, near its $8.70 50-day moving average.

Bank of New York Mellon Corp purchased a new position in Arvinas, Inc. (NASDAQ:ARVN - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 254,997 shares of the company's stock, valued at approximately $2,119,000. Bank of New York Mellon Corp owned approximately 0.40% of Arvinas at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Brummer Multi Strategy AB purchased a new stake in Arvinas during the 4th quarter valued at $1,973,000. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its stake in Arvinas by 371.0% during the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 70,650 shares of the company's stock worth $838,000 after buying an additional 55,650 shares during the period. GSA Capital Partners LLP purchased a new position in Arvinas during the second quarter worth $1,182,000. Armistice Capital LLC increased its position in Arvinas by 50.0% during the fourth quarter. Armistice Capital LLC now owns 1,800,000 shares of the company's stock valued at $21,348,000 after acquiring an additional 600,000 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in Arvinas by 876.1% during the first quarter. Public Employees Retirement System of Ohio now owns 97,611 shares of the company's stock valued at $1,035,000 after acquiring an additional 87,611 shares during the last quarter. 95.19% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Andrew Saik sold 5,696 shares of Arvinas stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $8.16, for a total transaction of $46,479.36. Following the transaction, the chief financial officer directly owned 187,432 shares of the company's stock, valued at $1,529,445.12. This trade represents a 2.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 7.30% of the company's stock.

Wall Street Analysts Forecast Growth

ARVN has been the subject of several analyst reports. Wells Fargo & Company restated an "equal weight" rating and issued a $11.00 target price (down from $15.00) on shares of Arvinas in a report on Tuesday, August 4th. Zacks Research downgraded shares of Arvinas from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 3rd. Barclays increased their price objective on shares of Arvinas from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 13th. Morgan Stanley set a $10.00 price objective on shares of Arvinas in a research note on Monday, August 10th. Finally, Wedbush upped their target price on Arvinas from $11.00 to $12.00 and gave the company a "neutral" rating in a research note on Wednesday, August 5th. Five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Arvinas has a consensus rating of "Hold" and a consensus price target of $14.17.

Arvinas Price Performance

ARVN stock opened at $9.39 on Tuesday. Arvinas, Inc. has a 1-year low of $6.97 and a 1-year high of $14.51. The business has a 50-day moving average price of $8.70 and a 200 day moving average price of $9.69. The company has a market capitalization of $605.84 million, a P/E ratio of 93.91 and a beta of 1.75.

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

Arvinas Company Profile

Arvinas, Inc NASDAQ: ARVN is a biopharmaceutical company focused on the development of therapies based on targeted protein degradation. Utilizing its proprietary proteolysis-targeting chimera (PROTAC®) platform, Arvinas aims to selectively eliminate disease-causing proteins rather than merely inhibit their activity. This novel approach has the potential to address a range of diseases, including oncology, neurodegeneration and inflammation, by harnessing the body's natural protein-recycling systems.

The company's most advanced clinical candidates address hormone-driven cancers.

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