Verition Fund Management LLC Cuts Stock Position in Arvinas, Inc. (NASDAQ:ARVN)

Verition Fund Management LLC decreased its position in shares of Arvinas, Inc. (NASDAQ:ARVN) by 57.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,631 shares of the company’s stock after selling 52,720 shares during the period. Verition Fund Management LLC owned about 0.06% of Arvinas worth $951,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ARVN. FMR LLC increased its stake in Arvinas by 7.6% during the third quarter. FMR LLC now owns 2,883,604 shares of the company’s stock worth $71,023,000 after purchasing an additional 204,317 shares during the period. Candriam S.C.A. boosted its position in Arvinas by 32.0% in the 2nd quarter. Candriam S.C.A. now owns 610,458 shares of the company’s stock valued at $16,250,000 after buying an additional 147,904 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of Arvinas in the third quarter worth $3,442,000. Algert Global LLC increased its position in shares of Arvinas by 278.1% during the third quarter. Algert Global LLC now owns 168,061 shares of the company’s stock worth $4,139,000 after acquiring an additional 123,613 shares during the period. Finally, Panagora Asset Management Inc. grew its stake in Arvinas by 57.4% during the 2nd quarter. Panagora Asset Management Inc. now owns 256,658 shares of the company’s stock worth $6,832,000 after purchasing an additional 93,568 shares in the last quarter. 95.19% of the stock is currently owned by hedge funds and other institutional investors.

Arvinas Price Performance

Shares of Arvinas stock opened at $25.92 on Monday. The firm’s fifty day simple moving average is $25.76 and its 200-day simple moving average is $26.40. Arvinas, Inc. has a 12 month low of $21.17 and a 12 month high of $53.08. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of -5.55 and a beta of 1.82.

Arvinas (NASDAQ:ARVN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.68) EPS for the quarter, beating analysts’ consensus estimates of ($0.88) by $0.20. The business had revenue of $102.40 million during the quarter, compared to analyst estimates of $60.56 million. During the same quarter in the prior year, the firm posted ($1.18) earnings per share. The company’s revenue for the quarter was up 196.0% compared to the same quarter last year. Analysts anticipate that Arvinas, Inc. will post -3.22 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. BMO Capital Markets reduced their price target on Arvinas from $90.00 to $88.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 20th. Oppenheimer dropped their price objective on shares of Arvinas from $50.00 to $40.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. HC Wainwright reaffirmed a “buy” rating and set a $87.00 price objective on shares of Arvinas in a research report on Thursday, October 31st. Cantor Fitzgerald reissued an “overweight” rating on shares of Arvinas in a report on Monday, September 9th. Finally, Stephens assumed coverage on Arvinas in a research report on Monday, November 18th. They set an “overweight” rating and a $55.00 price objective for the company. One equities research analyst has 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, Arvinas presently has an average rating of “Moderate Buy” and an average target price of $63.00.

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.