Arvinas (NASDAQ:ARVN) Given New $15.00 Price Target at Guggenheim

Key Points

• Guggenheim has lowered Arvinas' price target from $16.00 to $15.00, while maintaining a "buy" rating, indicating a potential upside of 142.52% from the current price.
• Goldman Sachs and Barclays have also reduced their price targets significantly, with Goldman Sachs dropping theirs to $8.00, reflecting a shift in investor sentiment.
• Arvinas reported a 70.7% year-over-year decline in revenue, with earnings per share of ($0.84), which exceeded analysts' expectations by $0.03.

Arvinas (NASDAQ:ARVN - Get Free Report) had its price objective cut by research analysts at Guggenheim from $16.00 to $15.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Guggenheim's price target points to a potential upside of 126.42% from the stock's previous close.

Several other brokerages have also recently weighed in on ARVN. Morgan Stanley dropped their price objective on Arvinas from $12.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Friday, May 9th. Barclays decreased their price objective on shares of Arvinas from $32.00 to $16.00 and set an "overweight" rating on the stock in a research report on Friday, May 2nd. UBS Group cut their target price on Arvinas from $74.00 to $21.00 and set a "buy" rating for the company in a research note on Thursday, May 15th. Citigroup dropped their price objective on Arvinas from $10.00 to $9.50 and set a "neutral" rating for the company in a research note on Monday, May 5th. Finally, Leerink Partners reissued a "market perform" rating and set a $9.00 price objective (down previously from $10.00) on shares of Arvinas in a research note on Monday, June 2nd. Ten research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $19.76.

Arvinas Trading Up 5.3%

Shares of NASDAQ:ARVN traded up $0.34 during trading on Thursday, hitting $6.63. 1,363,083 shares of the company's stock were exchanged, compared to its average volume of 2,189,400. Arvinas has a 1-year low of $5.90 and a 1-year high of $29.61. The firm has a 50-day moving average price of $7.52 and a two-hundred day moving average price of $9.86. The firm has a market cap of $486.41 million, a P/E ratio of -6.56 and a beta of 2.22.

Arvinas (NASDAQ:ARVN - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.84) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.87) by $0.03. The firm had revenue of $22.40 million during the quarter, compared to analysts' expectations of $34.42 million. Arvinas had a negative net margin of 19.47% and a negative return on equity of 12.01%. The business's revenue for the quarter was down 70.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.49) earnings per share. As a group, research analysts predict that Arvinas will post -3.81 EPS for the current year.

Insider Buying and Selling

In other news, CFO Andrew Saik sold 5,700 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $7.61, for a total transaction of $43,377.00. Following the sale, the chief financial officer directly owned 164,401 shares of the company's stock, valued at $1,251,091.61. This represents a 3.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.73% of the company's stock.

Institutional Trading of Arvinas

Several hedge funds have recently modified their holdings of ARVN. T. Rowe Price Investment Management Inc. bought a new position in shares of Arvinas during the 4th quarter valued at approximately $42,332,000. Alyeska Investment Group L.P. purchased a new stake in shares of Arvinas in the 1st quarter worth $12,636,000. Vanguard Group Inc. boosted its position in Arvinas by 18.4% during the first quarter. Vanguard Group Inc. now owns 8,362,200 shares of the company's stock valued at $58,703,000 after purchasing an additional 1,299,639 shares in the last quarter. Acadian Asset Management LLC boosted its position in Arvinas by 791.1% during the second quarter. Acadian Asset Management LLC now owns 1,427,832 shares of the company's stock valued at $10,498,000 after purchasing an additional 1,267,593 shares in the last quarter. Finally, Boxer Capital Management LLC bought a new stake in Arvinas during the fourth quarter valued at about $20,294,000. 95.19% of the stock is owned by hedge funds and other institutional investors.

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.