Man Group plc Invests $2.13 Million in Arvinas, Inc. $ARVN

Key Points

• Man Group plc acquired 256,104 Arvinas shares worth approximately $2.13 million during the second quarter, representing a 0.40% stake. Institutional investors and hedge funds collectively own 95.19% of the company.
• Arvinas reported substantially better-than-expected quarterly results, with EPS of $2.58 versus a consensus loss estimate of $0.37 and revenue of $249.7 million, up 1,014.7% year over year.
• Arvinas shares opened at $9.28, while analysts’ ratings remain mixed; the stock has an average “Hold” rating and a consensus price target of $14.17.

Man Group plc bought a new stake in Arvinas, Inc. (NASDAQ:ARVN - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 256,104 shares of the company's stock, valued at approximately $2,128,000. Man Group plc owned 0.40% of Arvinas as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. acquired a new stake in Arvinas during the 2nd quarter valued at $63,232,000. TCG Crossover Management LLC acquired a new position in shares of Arvinas in the third quarter valued at $13,780,000. Balyasny Asset Management L.P. increased its holdings in shares of Arvinas by 469.1% in the third quarter. Balyasny Asset Management L.P. now owns 1,207,267 shares of the company's stock valued at $10,286,000 after purchasing an additional 995,125 shares during the last quarter. Qube Research & Technologies Ltd raised its position in shares of Arvinas by 154.8% in the third quarter. Qube Research & Technologies Ltd now owns 1,486,864 shares of the company's stock valued at $12,668,000 after purchasing an additional 903,337 shares during the period. Finally, Millennium Management LLC lifted its stake 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 worth $9,198,000 after buying an additional 885,483 shares during the last quarter. 95.19% of the stock is currently owned by institutional investors and hedge funds.

Arvinas Stock Up 0.9%

Shares of Arvinas stock opened at $9.28 on Wednesday. Arvinas, Inc. has a twelve month low of $6.97 and a twelve month high of $14.51. The company has a 50-day simple moving average of $8.60 and a two-hundred day simple moving average of $9.75. The stock has a market capitalization of $598.75 million, a price-to-earnings ratio of 92.81 and a beta of 1.71.

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

Insider Activity

In related news, CFO Andrew Saik sold 5,696 shares of the firm's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $8.16, for a total value of $46,479.36. Following the transaction, the chief financial officer owned 187,432 shares in the company, valued at approximately $1,529,445.12. This trade represents a 2.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Morgan Stanley set a $10.00 target price on shares of Arvinas in a report on Monday, August 10th. Weiss Ratings upgraded shares of Arvinas from a "sell (e+)" rating to a "sell (d)" rating in a research report on Thursday, August 13th. Zacks Research upgraded Arvinas from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 5th. Wells Fargo & Company restated an "equal weight" rating and set a $11.00 price objective (down from $15.00) on shares of Arvinas in a report on Tuesday, August 4th. Finally, BTIG Research reiterated a "buy" rating and set a $18.00 target price on shares of Arvinas in a research note on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Arvinas currently has an average rating of "Hold" and a consensus price target 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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