Arvinas (NASDAQ:ARVN) Stock Price Down 3.3% – Here’s What Happened

Arvinas, Inc. (NASDAQ:ARVN) dropped 3.3% during mid-day trading on Thursday . The company traded as low as $18.09 and last traded at $18.11. Approximately 35,509 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 734,522 shares. The stock had previously closed at $18.73.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ARVN shares. Guggenheim reaffirmed a “buy” rating on shares of Arvinas in a research report on Thursday, December 12th. HC Wainwright restated a “buy” rating and set a $87.00 target price on shares of Arvinas in a research report on Wednesday, December 11th. Oppenheimer reduced their price target on shares of Arvinas from $50.00 to $40.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Cantor Fitzgerald reissued an “overweight” rating on shares of Arvinas in a research report on Monday, September 9th. Finally, BTIG Research started coverage on shares of Arvinas in a report on Tuesday, December 10th. They issued a “buy” rating and a $69.00 target price for the company. One equities research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Arvinas has a consensus rating of “Moderate Buy” and an average price target of $63.50.

Arvinas Price Performance

The stock has a 50 day moving average of $24.20 and a two-hundred day moving average of $25.34. The stock has a market capitalization of $1.31 billion, a PE ratio of -4.07 and a beta of 1.82.

Arvinas (NASDAQ:ARVN) last issued its earnings results on Wednesday, October 30th. The company reported ($0.68) EPS for the quarter, topping the consensus estimate of ($0.88) by $0.20. The company had revenue of $102.40 million for the quarter, compared to analysts’ expectations of $60.56 million. Arvinas’s revenue for the quarter was up 196.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.18) earnings per share. As a group, research analysts predict that Arvinas, Inc. will post -3.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ARVN. nVerses Capital LLC purchased a new stake in shares of Arvinas during the 3rd quarter worth approximately $39,000. Quest Partners LLC acquired a new position in shares of Arvinas during the 2nd quarter worth $42,000. Amalgamated Bank boosted its position in shares of Arvinas by 29.6% in the 2nd quarter. Amalgamated Bank now owns 2,223 shares of the company’s stock worth $59,000 after buying an additional 508 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Arvinas by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,483 shares of the company’s stock valued at $61,000 after acquiring an additional 440 shares during the last quarter. Finally, Quantbot Technologies LP grew its stake in Arvinas by 147.3% in the 3rd quarter. Quantbot Technologies LP now owns 4,367 shares of the company’s stock valued at $108,000 after acquiring an additional 2,601 shares during the last quarter. 95.19% of the stock is owned by hedge funds and other institutional investors.

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.