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 price objective lowered by Wells Fargo & Company from $19.00 to $16.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

ARVN has been the topic of a number of other reports. Truist Financial restated a "hold" rating and set a $11.00 price target (down from $21.00) on shares of Arvinas in a report on Monday, May 5th. Guggenheim cut their price target on Arvinas from $16.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday. Leerink Partners restated a "market perform" rating and set a $9.00 price target (down from $10.00) on shares of Arvinas in a report on Monday, June 2nd. BMO Capital Markets cut their price target on Arvinas from $20.00 to $10.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Finally, Morgan Stanley cut their price target on Arvinas from $12.00 to $11.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. Ten research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.76.

Arvinas Trading Up 0.8%

NASDAQ:ARVN traded up $0.05 on Thursday, reaching $6.29. 2,124,307 shares of the stock traded hands, compared to its average volume of 2,068,406. The firm has a market capitalization of $461.81 million, a price-to-earnings ratio of -6.23 and a beta of 2.22. The company's 50 day moving average is $7.52 and its 200-day moving average is $9.91. Arvinas has a 1-year low of $5.90 and a 1-year high of $29.61.

Arvinas (NASDAQ:ARVN - Get Free Report) last released its earnings results 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. The business had revenue of $22.40 million during the quarter, compared to the consensus estimate of $34.42 million. Arvinas had a negative net margin of 19.47% and a negative return on equity of 12.01%. The company's revenue for the quarter was down 70.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.49) EPS. On average, equities research analysts forecast that Arvinas will post -3.81 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Andrew Saik sold 5,700 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $7.61, for a total value of $43,377.00. Following the completion of the sale, the chief financial officer directly owned 164,401 shares of the company's stock, valued at approximately $1,251,091.61. This represents a 3.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.73% of the company's stock.

Institutional Investors Weigh In On Arvinas

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. GF Fund Management CO. LTD. purchased a new stake in shares of Arvinas during the 4th quarter valued at $28,000. Caitong International Asset Management Co. Ltd increased its holdings in Arvinas by 965.4% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 4,656 shares of the company's stock worth $33,000 after acquiring an additional 4,219 shares during the last quarter. CWM LLC increased its holdings in Arvinas by 2,317.5% in the 1st quarter. CWM LLC now owns 7,615 shares of the company's stock worth $53,000 after acquiring an additional 7,300 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Arvinas in the 2nd quarter worth about $74,000. Finally, Aigen Investment Management LP purchased a new stake in Arvinas in the 1st quarter worth about $77,000. 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.