Arvinas (NASDAQ:ARVN) Shares Climb 6.3% - What's Next?

Key Points

• Arvinas shares rose 6.3% to $7.97 in midday trading, although volume was about 70% below the average session level.
• Analysts remain mixed, with an overall “Hold” rating and a consensus price target of $14.55; targets range from $12 to $18.
• The company reported a strong quarterly beat, including $249.7 million in revenue—up 1,014.7% year over year—and EPS of $2.58 versus expectations for a $0.37 loss. Institutional investors own 95.19% of the stock.

Arvinas, Inc. (NASDAQ:ARVN - Get Free Report) shares shot up 6.3% during mid-day trading on Wednesday. The stock traded as high as $7.97 and last traded at $7.97. 246,730 shares were traded during trading, a decline of 70% from the average session volume of 827,873 shares. The stock had previously closed at $7.50.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ARVN. Wall Street Zen raised shares of Arvinas from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Evercore set a $14.00 price objective on shares of Arvinas in a research report on Monday, August 10th. Weiss Ratings raised shares of Arvinas from a "sell (e+)" rating to a "sell (d)" rating in a research note on Thursday, August 13th. BTIG Research restated a "buy" rating and issued a $18.00 target price on shares of Arvinas in a report on Tuesday, August 4th. Finally, Wedbush upped their target price on shares of Arvinas from $11.00 to $12.00 and gave the company a "neutral" rating in a research report on Wednesday, August 5th. Five equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Arvinas currently has an average rating of "Hold" and a consensus price target of $14.55.

Arvinas Stock Performance

The company's fifty day moving average price is $8.68 and its 200-day moving average price is $9.14. The stock has a market cap of $509.39 million, a P/E ratio of 79.61 and a beta of 1.75.

Arvinas (NASDAQ:ARVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $2.58 EPS for the quarter, beating the consensus estimate of ($0.37) by $2.95. Arvinas had a net margin of 2.94% and a return on equity of 1.91%. The company had revenue of $249.70 million for the quarter, compared to the consensus estimate of $60.71 million. During the same period in the prior year, the firm posted ($0.84) EPS. The firm's revenue was up 1014.7% compared to the same quarter last year. Analysts anticipate that Arvinas, Inc. will post 0.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Arvinas

Several hedge funds and other institutional investors have recently modified their holdings of ARVN. Integrated Wealth Concepts LLC purchased a new stake in Arvinas in the second quarter worth $48,000. Quantbot Technologies LP purchased a new stake in shares of Arvinas during the second quarter valued at $85,000. Corient Private Wealth LP bought a new stake in Arvinas during the 2nd quarter valued at about $95,000. Pale Fire Capital SE purchased a new stake in Arvinas in the 2nd quarter valued at about $99,000. Finally, Canada Pension Plan Investment Board purchased a new stake in Arvinas in the 2nd quarter valued at about $112,000. 95.19% of the stock is currently owned by hedge funds and other institutional investors.

About Arvinas

Arvinas, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that selectively remove disease-causing proteins from cells. The company's approach, known as targeted protein degradation, uses proprietary PROTAC technology to direct specific proteins to the cell's natural disposal machinery. Arvinas applies this platform primarily to cancer and other serious diseases in which abnormal or unwanted proteins contribute to disease progression.

Arvinas' pipeline has included vepdegestrant, formerly known as ARV-471, an investigational oral estrogen receptor degrader being developed for patients with estrogen receptor-positive, HER2-negative breast cancer.

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