T. Rowe Price Investment Management Inc. Sells 1,660,130 Shares of Arvinas, Inc. $ARVN

Key Points

• T. Rowe Price Investment Management Inc. cut its stock holdings in Arvinas, Inc. by 75.2% in Q1, now owning 548,104 shares valued at $3.85 million.
• Recent reports from several brokerages indicate a decrease in price targets for Arvinas, with Truist Financial lowering its target from $21.00 to $11.00.
• The company experienced a 70.7% decline in quarterly revenue compared to the same period last year, reporting $22.40 million against expectations of $34.42 million.

T. Rowe Price Investment Management Inc. cut its holdings in Arvinas, Inc. (NASDAQ:ARVN - Free Report) by 75.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 548,104 shares of the company's stock after selling 1,660,130 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 0.75% of Arvinas worth $3,848,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Arvinas by 18.4% in 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. Price T Rowe Associates Inc. MD raised its holdings in Arvinas by 6.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,103,011 shares of the company's stock worth $78,656,000 after purchasing an additional 249,295 shares during the period. RTW Investments LP raised its holdings in Arvinas by 19.8% in the fourth quarter. RTW Investments LP now owns 3,334,308 shares of the company's stock worth $63,919,000 after purchasing an additional 551,979 shares during the period. ArrowMark Colorado Holdings LLC raised its holdings in Arvinas by 42.8% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,776,555 shares of the company's stock worth $34,057,000 after purchasing an additional 532,105 shares during the period. Finally, Boxer Capital Management LLC acquired a new stake in Arvinas in the fourth quarter worth $20,294,000. 95.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ARVN shares. Citigroup cut their target price on shares of Arvinas from $10.00 to $9.50 and set a "neutral" rating on the stock in a report on Monday, May 5th. HC Wainwright cut their target price on shares of Arvinas from $24.00 to $18.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Jefferies Financial Group reiterated a "hold" rating and issued a $10.00 target price (down from $52.00) on shares of Arvinas in a report on Friday, May 2nd. BMO Capital Markets cut their target price on shares of Arvinas from $20.00 to $10.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Finally, Morgan Stanley dropped their price objective on shares of Arvinas from $12.00 to $11.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. Twelve equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, Arvinas has an average rating of "Moderate Buy" and a consensus target price of $19.76.

Arvinas Trading Down 1.2%

Shares of Arvinas stock traded down $0.09 during trading on Friday, hitting $7.67. 407,340 shares of the stock were exchanged, compared to its average volume of 2,138,586. The stock has a market capitalization of $562.84 million, a price-to-earnings ratio of -7.61 and a beta of 2.22. The company has a fifty day moving average price of $7.48 and a 200-day moving average price of $8.91. Arvinas, Inc. has a 1-year low of $5.90 and a 1-year high of $29.61.

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

Insider Activity at Arvinas

In related news, CFO Andrew Saik sold 5,700 shares of Arvinas stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $7.61, for a total transaction of $43,377.00. Following the completion of the sale, the chief financial officer owned 164,401 shares of the company's stock, valued at approximately $1,251,091.61. The trade was a 3.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 4.73% of the company's stock.

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.