Wells Fargo & Company Reiterates “Equal Weight” Rating for Arvinas (NASDAQ:ARVN)

Arvinas (NASDAQ:ARVN)‘s stock had its “equal weight” rating reaffirmed by stock analysts at Wells Fargo & Company in a report released on Tuesday, MarketBeat reports.

ARVN has been the subject of several other reports. Zacks Research upgraded shares of Arvinas from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 26th. Wall Street Zen upgraded shares of Arvinas from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 26th. Weiss Ratings cut Arvinas from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday. BTIG Research reiterated a “buy” rating and set a $18.00 price objective on shares of Arvinas in a research report on Tuesday. Finally, Stephens reaffirmed an “overweight” rating and issued a $18.00 price target on shares of Arvinas in a research note on Wednesday, June 3rd. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Arvinas presently has an average rating of “Hold” and an average target price of $15.42.

Arvinas Price Performance

ARVN stock traded up $0.76 during trading on Tuesday, hitting $8.82. 2,114,974 shares of the company traded hands, compared to its average volume of 825,603. The stock’s 50-day simple moving average is $8.07 and its 200 day simple moving average is $10.32. The company has a market cap of $569.00 million, a PE ratio of -2.65 and a beta of 1.71. Arvinas has a 1 year low of $6.05 and a 1 year high of $14.51.

Arvinas (NASDAQ:ARVN) last announced its earnings results on Tuesday, August 4th. The company reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $2.95. The business had revenue of $249.70 million during the quarter, compared to analysts’ expectations of $60.71 million. Arvinas had a negative return on equity of 44.38% and a negative net margin of 247.54%.The business’s revenue was up 1014.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.84) earnings per share. Research analysts expect that Arvinas will post -2.82 earnings per share for the current year.

Insider Activity at Arvinas

In other Arvinas news, insider Noah Berkowitz sold 11,108 shares of Arvinas stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $9.94, for a total transaction of $110,413.52. Following the transaction, the insider owned 191,395 shares of the company’s stock, valued at $1,902,466.30. This trade represents a 5.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Randy Teel sold 9,657 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $9.94, for a total value of $95,990.58. Following the sale, the chief executive officer owned 287,218 shares in the company, valued at approximately $2,854,946.92. This represents a 3.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 41,728 shares of company stock worth $402,649. Company insiders own 7.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Armistice Capital LLC raised its holdings in Arvinas by 50.0% in the 4th quarter. Armistice Capital LLC now owns 1,800,000 shares of the company’s stock worth $21,348,000 after purchasing an additional 600,000 shares in the last quarter. TCG Crossover Management LLC bought a new position in shares of Arvinas during the 3rd quarter valued at approximately $13,780,000. Qube Research & Technologies Ltd increased its position in Arvinas by 154.8% during the third quarter. Qube Research & Technologies Ltd now owns 1,486,864 shares of the company’s stock valued at $12,668,000 after acquiring an additional 903,337 shares during the last quarter. Millennium Management LLC boosted its position in shares of Arvinas by 208.4% during the first quarter. Millennium Management LLC now owns 1,310,326 shares of the company’s stock valued at $9,198,000 after buying an additional 885,483 shares during the period. Finally, Balyasny Asset Management L.P. grew its position in Arvinas by 469.1% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,207,267 shares of the company’s stock valued at $10,286,000 after acquiring an additional 995,125 shares during the last quarter. 95.19% of the stock is owned by hedge funds and other institutional investors.

About Arvinas

Arvinas, Inc (NASDAQ: ARVN) is a biopharmaceutical company focused on the development of therapies based on targeted protein degradation. Utilizing its proprietary proteolysis-targeting chimera (PROTAC®) platform, Arvinas aims to selectively eliminate disease-causing proteins rather than merely inhibit their activity. This novel approach has the potential to address a range of diseases, including oncology, neurodegeneration and inflammation, by harnessing the body’s natural protein-recycling systems.

The company’s most advanced clinical candidates address hormone-driven cancers.