Palumbo Wealth Management LLC Acquires Shares of 66,858 Arvinas, Inc. $ARVN

Key Points

• Palumbo Wealth Management LLC has acquired 66,858 shares of Arvinas, Inc. during the 2nd quarter, with a total value of approximately $492,000, increasing its stake to about 0.09% of the company.
• Several institutional investors and hedge funds have significantly increased their holdings in Arvinas, reflecting a growing interest, with institutional ownership now at 95.19%.
• Arvinas has announced a $100 million stock buyback plan, indicating that the company believes its shares are undervalued.

Palumbo Wealth Management LLC acquired a new position in shares of Arvinas, Inc. (NASDAQ:ARVN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 66,858 shares of the company's stock, valued at approximately $492,000. Palumbo Wealth Management LLC owned about 0.09% of Arvinas at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. acquired a new position in shares of Arvinas in the 4th quarter valued at about $28,000. Caitong International Asset Management Co. Ltd lifted its holdings in Arvinas by 965.4% in the first quarter. Caitong International Asset Management Co. Ltd now owns 4,656 shares of the company's stock worth $33,000 after acquiring an additional 4,219 shares during the last quarter. CWM LLC boosted its stake in Arvinas by 2,317.5% in the first quarter. CWM LLC now owns 7,615 shares of the company's stock valued at $53,000 after acquiring an additional 7,300 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Arvinas during the second quarter valued at approximately $74,000. Finally, Aigen Investment Management LP acquired a new stake in shares of Arvinas during the 1st quarter worth approximately $77,000. Institutional investors and hedge funds own 95.19% of the company's stock.

Analyst Upgrades and Downgrades

ARVN has been the subject of a number of analyst reports. Barclays began coverage on Arvinas in a research report on Wednesday, September 17th. They set an "overweight" rating and a $16.00 price objective for the company. Wedbush reissued a "neutral" rating and set a $9.00 price target (down previously from $10.00) on shares of Arvinas in a report on Thursday, September 18th. Stephens decreased their target price on shares of Arvinas from $16.00 to $14.00 and set an "overweight" rating for the company in a research report on Thursday, September 18th. Guggenheim dropped their price target on shares of Arvinas from $16.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Finally, Leerink Partners reaffirmed a "market perform" rating and set a $9.00 price target (down previously from $10.00) on shares of Arvinas in a report on Monday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat, Arvinas has an average rating of "Moderate Buy" and a consensus price target of $16.18.

Insider Transactions at Arvinas

In other news, Director Briggs Morrison purchased 30,000 shares of the stock in a transaction dated Monday, September 22nd. The shares were bought at an average cost of $7.57 per share, for a total transaction of $227,100.00. Following the transaction, the director owned 76,021 shares in the company, valued at $575,478.97. This trade represents a 65.19% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 4.73% of the company's stock.

Arvinas Trading Up 2.7%

Arvinas stock opened at $7.73 on Thursday. Arvinas, Inc. has a 52 week low of $5.90 and a 52 week high of $29.61. The stock has a market cap of $567.52 million, a price-to-earnings ratio of -7.65 and a beta of 2.38. The company's 50-day moving average price is $7.48 and its two-hundred day moving average price is $7.61.

Arvinas (NASDAQ:ARVN - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.84) earnings per share for the quarter, topping analysts' consensus estimates of ($0.87) by $0.03. Arvinas had a negative net margin of 19.47% and a negative return on equity of 12.01%. The company had revenue of $22.40 million during the quarter, compared to analyst estimates of $34.42 million. During the same period in the prior year, the business posted ($0.49) EPS. The business's revenue for the quarter was down 70.7% compared to the same quarter last year. Research analysts expect that Arvinas, Inc. will post -3.81 earnings per share for the current fiscal year.

Arvinas declared that its Board of Directors has authorized a stock buyback plan on Wednesday, September 17th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 17.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Arvinas Profile

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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