Wells Fargo & Company Cuts Arvinas (NASDAQ:ARVN) Price Target to $60.00

Arvinas (NASDAQ:ARVN - Free Report) had its price objective decreased by Wells Fargo & Company from $63.00 to $60.00 in a research note released on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other research analysts also recently weighed in on ARVN. Citigroup downgraded shares of Arvinas from a buy rating to a neutral rating and boosted their target price for the company from $36.00 to $55.00 in a research note on Wednesday, February 14th. Wedbush reaffirmed an outperform rating and set a $57.00 price objective on shares of Arvinas in a research note on Wednesday. BMO Capital Markets boosted their target price on Arvinas from $89.00 to $90.00 and gave the stock an outperform rating in a report on Wednesday, February 28th. The Goldman Sachs Group began coverage on Arvinas in a report on Thursday, February 1st. They set a buy rating and a $70.00 target price for the company. Finally, Barclays boosted their target price on Arvinas from $26.00 to $60.00 and gave the stock an overweight rating in a report on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $61.13.

Arvinas Stock Down 1.3 %

Shares of Arvinas stock traded down $0.42 on Thursday, hitting $31.95. The company's stock had a trading volume of 426,276 shares, compared to its average volume of 719,843. Arvinas has a 52-week low of $13.57 and a 52-week high of $53.08. The firm has a fifty day moving average price of $39.00 and a 200-day moving average price of $35.55. The company has a market capitalization of $2.18 billion, a P/E ratio of -5.05 and a beta of 1.95.

Arvinas (NASDAQ:ARVN - Get Free Report) last announced its earnings results on Tuesday, May 7th. The company reported ($0.97) earnings per share for the quarter, beating the consensus estimate of ($1.42) by $0.45. Arvinas had a negative net margin of 185.09% and a negative return on equity of 70.24%. The firm had revenue of $25.30 million during the quarter, compared to the consensus estimate of $32.94 million. During the same quarter in the previous year, the company posted ($1.54) EPS. The firm's revenue for the quarter was down 22.2% on a year-over-year basis. As a group, analysts expect that Arvinas will post -5.02 earnings per share for the current year.

Insider Activity

In related news, CFO Sean A. Cassidy sold 1,702 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $47.05, for a total value of $80,079.10. Following the completion of the transaction, the chief financial officer now owns 181,916 shares in the company, valued at approximately $8,559,147.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Ronald Peck sold 1,699 shares of the firm's stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $47.05, for a total transaction of $79,937.95. Following the completion of the sale, the insider now directly owns 67,516 shares of the company's stock, valued at approximately $3,176,627.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sean A. Cassidy sold 1,702 shares of the firm's stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $47.05, for a total value of $80,079.10. Following the sale, the chief financial officer now directly owns 181,916 shares of the company's stock, valued at $8,559,147.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,597 shares of company stock valued at $404,489. Company insiders own 5.23% of the company's stock.

Hedge Funds Weigh In On Arvinas

Institutional investors have recently bought and sold shares of the stock. RTW Investments LP acquired a new stake in shares of Arvinas in the fourth quarter valued at about $173,427,000. Price T Rowe Associates Inc. MD raised its stake in shares of Arvinas by 42.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,832,123 shares of the company's stock valued at $157,731,000 after buying an additional 1,143,452 shares in the last quarter. Commodore Capital LP acquired a new position in shares of Arvinas in the 4th quarter valued at $41,160,000. Norges Bank acquired a new position in shares of Arvinas in the 4th quarter valued at $36,126,000. Finally, Boxer Capital LLC acquired a new position in shares of Arvinas in the 4th quarter valued at $25,051,000. 95.19% of the stock is currently owned by 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.