Arvinas (NASDAQ:ARVN) Price Target Cut to $16.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company lowered its price target for Arvinas (NASDAQ:ARVN) from $19.00 to $16.00, while maintaining an "overweight" rating on the stock, suggesting a potential upside of 162.08%.
• Other major firms have also cut their price targets for Arvinas, with Morgan Stanley lowering its target to $11.00 and UBS Group to $21.00, indicating a trend of decreasing expectations among analysts.
• Arvinas reported its quarterly earnings with a loss of ($0.84) earnings per share, missing revenue expectations and showing a significant decline of 70.7% year-over-year in revenue.

Arvinas (NASDAQ:ARVN - Free Report) had its target price trimmed by Wells Fargo & Company from $19.00 to $16.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other analysts have also recently commented on the stock. BMO Capital Markets reduced their target price on shares of Arvinas from $20.00 to $10.00 and set an "outperform" rating for the company in a report on Monday, May 5th. HC Wainwright set a $24.00 target price on shares of Arvinas in a research note on Monday, June 2nd. The Goldman Sachs Group dropped their price objective on shares of Arvinas from $12.00 to $8.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Truist Financial reissued a "hold" rating and issued a $11.00 price objective (down from $21.00) on shares of Arvinas in a research note on Monday, May 5th. Finally, BTIG Research set a $16.00 price objective on shares of Arvinas and gave the stock a "buy" rating in a research note on Friday, May 2nd. Ten investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $19.76.

Arvinas Stock Up 4.8%

Shares of NASDAQ ARVN traded up $0.30 during midday trading on Thursday, hitting $6.59. The stock had a trading volume of 2,217,168 shares, compared to its average volume of 2,196,073. The business's 50 day moving average is $7.52 and its 200-day moving average is $9.86. The company has a market cap of $483.84 million, a P/E ratio of -6.52 and a beta of 2.22. Arvinas has a 52 week low of $5.90 and a 52 week high of $29.61.

Arvinas (NASDAQ:ARVN - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.84) earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $22.40 million for the quarter, compared to the consensus estimate of $34.42 million. During the same quarter in the prior year, the firm earned ($0.49) earnings per share. The firm's revenue for the quarter was down 70.7% compared to the same quarter last year. As a group, analysts expect that Arvinas will post -3.81 EPS for the current fiscal year.

Insider Activity

In other news, CFO Andrew Saik sold 5,700 shares of Arvinas stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $7.61, for a total value of $43,377.00. Following the transaction, the chief financial officer owned 164,401 shares of the company's stock, valued at $1,251,091.61. The trade was a 3.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.73% of the stock is currently owned by insiders.

Institutional Trading of Arvinas

Several large investors have recently bought and sold shares of the stock. Persistent Asset Partners Ltd purchased a new stake in Arvinas during the 2nd quarter worth approximately $164,000. Creative Planning boosted its holdings in shares of Arvinas by 107.7% in the 2nd quarter. Creative Planning now owns 30,773 shares of the company's stock valued at $226,000 after acquiring an additional 15,955 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Arvinas in the 2nd quarter valued at $390,000. Geode Capital Management LLC boosted its holdings in shares of Arvinas by 3.1% in the 2nd quarter. Geode Capital Management LLC now owns 1,585,092 shares of the company's stock valued at $11,668,000 after acquiring an additional 48,296 shares during the last quarter. Finally, Quinn Opportunity Partners LLC purchased a new stake in shares of Arvinas in the 2nd quarter valued at $524,000. Hedge funds and other institutional investors own 95.19% of the company's stock.

Arvinas Company 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.