BlackRock Inc. Buys Shares of 7,609,123 Arvinas, Inc. $ARVN

Key Points

• BlackRock acquired 7.61 million Arvinas shares worth approximately $63.2 million, giving it an 11.79% stake. Institutional investors collectively own 95.19% of ARVN.
• Arvinas reported significantly better-than-expected quarterly results, with $2.58 in earnings per share versus a projected loss of $0.37 and revenue of $249.7 million, up 1,014.7% year over year.
• Analyst sentiment is mixed: the stock has an average “Hold” rating and a $14.17 average price target, compared with a recent share price of $9.18.

BlackRock Inc. purchased a new stake in shares of Arvinas, Inc. (NASDAQ:ARVN - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 7,609,123 shares of the company's stock, valued at approximately $63,232,000. BlackRock Inc. owned approximately 11.79% of Arvinas at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in ARVN. AQR Capital Management LLC bought a new position in shares of Arvinas during the 1st quarter worth approximately $727,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Arvinas in the 1st quarter valued at $301,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Arvinas by 5.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,636 shares of the company's stock valued at $271,000 after acquiring an additional 2,122 shares in the last quarter. Millennium Management LLC lifted its position in shares of Arvinas by 208.4% during the 1st quarter. Millennium Management LLC now owns 1,310,326 shares of the company's stock valued at $9,198,000 after acquiring an additional 885,483 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Arvinas by 108.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 902,925 shares of the company's stock worth $6,339,000 after acquiring an additional 469,394 shares in the last quarter. 95.19% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Andrew Saik sold 5,696 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $1,529,445.12. The trade was a 2.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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. Company insiders own 7.30% of the company's stock.

Arvinas Price Performance

Shares of NASDAQ:ARVN opened at $9.18 on Monday. The business's 50 day moving average is $8.55 and its 200 day moving average is $9.81. Arvinas, Inc. has a 12-month low of $6.97 and a 12-month high of $14.51. The stock has a market cap of $592.29 million, a price-to-earnings ratio of 91.81 and a beta of 1.71.

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

Analyst Ratings Changes

Several brokerages have recently weighed in on ARVN. BTIG Research reiterated a "buy" rating and set a $18.00 price objective on shares of Arvinas in a report on Tuesday, August 4th. Stephens restated an "overweight" rating and issued a $18.00 target price on shares of Arvinas in a research note on Wednesday, June 3rd. Zacks Research raised Arvinas from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 5th. Citigroup dropped their price target on Arvinas from $24.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday, August 10th. Finally, Evercore set a $14.00 price target on Arvinas in a report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Arvinas currently has an average rating of "Hold" and an average target price of $14.17.

About Arvinas

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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