Arvinas (NASDAQ:ARVN) Shares Down 8.9% – Here’s What Happened

Arvinas, Inc. (NASDAQ:ARVN)’s stock price dropped 8.9% on Tuesday . The company traded as low as $25.50 and last traded at $25.55. Approximately 211,055 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 713,358 shares. The stock had previously closed at $28.04.

Analyst Ratings Changes

ARVN has been the subject of a number of research reports. Cantor Fitzgerald restated an “overweight” rating on shares of Arvinas in a research report on Monday, September 9th. Wedbush reissued an “outperform” rating and issued a $57.00 price objective on shares of Arvinas in a research note on Tuesday, July 30th. Oppenheimer cut their price target on Arvinas from $50.00 to $40.00 and set an “outperform” rating for the company in a 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. Finally, Barclays lowered their target price on shares of Arvinas from $60.00 to $48.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Arvinas presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.92.

Arvinas Stock Down 6.2 %

The company’s 50 day simple moving average is $25.80 and its two-hundred day simple moving average is $27.45. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -5.48 and a beta of 1.96.

Arvinas (NASDAQ:ARVN) last issued its earnings results on Wednesday, October 30th. The company reported ($0.68) EPS for the quarter, topping analysts’ consensus estimates of ($0.88) by $0.20. The firm had revenue of $102.40 million for the quarter, compared to analysts’ expectations of $60.56 million. During the same period last year, the firm earned ($1.18) earnings per share. Arvinas’s revenue for the quarter was up 196.0% on a year-over-year basis. Analysts anticipate that Arvinas, Inc. will post -3.32 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ARVN. Vanguard Group Inc. increased its stake in Arvinas by 29.9% during the first quarter. Vanguard Group Inc. now owns 6,299,556 shares of the company’s stock valued at $260,046,000 after purchasing an additional 1,448,166 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Arvinas by 14.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,368,418 shares of the company’s stock valued at $180,329,000 after buying an additional 536,295 shares in the last quarter. Candriam S.C.A. increased its holdings in shares of 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 purchasing an additional 147,904 shares during the period. Assenagon Asset Management S.A. acquired a new position in Arvinas in the third quarter worth approximately $3,442,000. Finally, Algert Global LLC grew its holdings in Arvinas by 278.1% during the third quarter. Algert Global LLC now owns 168,061 shares of the company’s stock valued at $4,139,000 after purchasing an additional 123,613 shares during the last quarter. 95.19% of the stock is owned by institutional investors and hedge funds.

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.