TD Asset Management Inc Lowers Stock Holdings in Arvinas, Inc. $ARVN

Key Points

• TD Asset Management Inc significantly reduced its stake in Arvinas, Inc. by 77.6%, selling 79,048 shares to hold 22,878 shares valued at approximately $168,000.
• Arvinas reported a quarterly revenue of $22.4 million, which was 70.7% lower year-over-year, and an EPS of ($0.84), slightly better than the expected ($0.87).
• The company's Board of Directors has authorized a $100 million share buyback program, indicating confidence in the company's stock value amidst market fluctuations.

TD Asset Management Inc reduced its position in Arvinas, Inc. (NASDAQ:ARVN - Free Report) by 77.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 22,878 shares of the company's stock after selling 79,048 shares during the period. TD Asset Management Inc's holdings in Arvinas were worth $168,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in ARVN. Alyeska Investment Group L.P. purchased a new stake in shares of Arvinas during the 1st quarter valued at $12,636,000. Vanguard Group Inc. grew its stake in shares of Arvinas by 18.4% during the 1st quarter. Vanguard Group Inc. now owns 8,362,200 shares of the company's stock valued at $58,703,000 after buying an additional 1,299,639 shares during the period. Philosophy Capital Management LLC purchased a new stake in shares of Arvinas during the 1st quarter valued at $6,992,000. Federated Hermes Inc. grew its stake in shares of Arvinas by 1,965.0% during the 1st quarter. Federated Hermes Inc. now owns 980,674 shares of the company's stock valued at $6,884,000 after buying an additional 933,183 shares during the period. Finally, Millennium Management LLC grew 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 valued at $9,198,000 after buying an additional 885,483 shares during the period. 95.19% of the stock is owned by hedge funds and other institutional investors.

Arvinas Stock Down 1.6%

ARVN opened at $9.16 on Friday. The firm has a market cap of $672.53 million, a price-to-earnings ratio of -9.07 and a beta of 2.39. Arvinas, Inc. has a fifty-two week low of $5.90 and a fifty-two week high of $29.61. The company's 50-day moving average price is $8.31 and its 200 day moving average price is $7.73.

Arvinas (NASDAQ:ARVN - Get Free Report) last posted 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. Arvinas had a negative net margin of 19.47% and a negative return on equity of 12.01%. The firm had revenue of $22.40 million during the quarter, compared to analysts' expectations of $34.42 million. During the same quarter in the prior year, the firm earned ($0.49) EPS. Arvinas's quarterly revenue was down 70.7% on a year-over-year basis. Research analysts anticipate that Arvinas, Inc. will post -3.81 earnings per share for the current year.

Arvinas announced that its Board of Directors has authorized a share buyback program on Wednesday, September 17th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 17.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

ARVN has been the topic of several recent research reports. Guggenheim reduced their target price on shares of Arvinas from $16.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Bank of America lowered shares of Arvinas from a "buy" rating to a "neutral" rating and set a $10.00 target price on the stock. in a report on Wednesday, September 24th. BTIG Research reduced their target price on shares of Arvinas from $16.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, September 18th. Barclays initiated coverage on shares of Arvinas in a report on Wednesday, September 17th. They set an "overweight" rating and a $16.00 target price on the stock. Finally, Wedbush restated a "neutral" rating and set a $9.00 target price (down previously from $10.00) on shares of Arvinas in a report on Thursday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $16.18.

Insider Activity

In related news, Director Briggs Morrison acquired 30,000 shares of the firm's stock in a transaction dated Monday, September 22nd. The stock was acquired at an average cost of $7.57 per share, for a total transaction of $227,100.00. Following the completion of the acquisition, the director directly owned 76,021 shares of the company's stock, valued at approximately $575,478.97. The trade was a 65.19% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.73% of the stock is owned by company insiders.

About Arvinas

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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