Arvinas (NASDAQ:ARVN) Sees Strong Trading Volume Following Earnings Beat

Arvinas, Inc. (NASDAQ:ARVN) shares saw unusually-high trading volume on Friday after the company announced better than expected quarterly earnings. Approximately 4,964,014 shares changed hands during trading, an increase of 303% from the previous session’s volume of 1,232,730 shares.The stock last traded at $7.84 and had previously closed at $7.23.

The company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of ($0.93) by $2.07. Arvinas had a negative net margin of 75.51% and a negative return on equity of 33.75%. During the same quarter in the prior year, the company posted ($0.97) earnings per share. The business’s quarterly revenue was up 646.2% on a year-over-year basis.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ARVN. Morgan Stanley lowered their price objective on shares of Arvinas from $48.00 to $12.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Jefferies Financial Group reissued a “hold” rating and set a $10.00 price target (down previously from $52.00) on shares of Arvinas in a research report on Friday. Wedbush downgraded Arvinas from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $57.00 to $12.00 in a report on Wednesday, March 12th. HC Wainwright decreased their target price on Arvinas from $81.00 to $24.00 and set a “buy” rating for the company in a report on Friday. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Arvinas in a research report on Friday, February 7th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Arvinas has a consensus rating of “Moderate Buy” and a consensus price target of $25.82.

Insider Buying and Selling at Arvinas

In other news, insider Ian Taylor sold 9,020 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $16.71, for a total transaction of $150,724.20. Following the transaction, the insider now owns 159,121 shares of the company’s stock, valued at approximately $2,658,911.91. This trade represents a 5.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Noah Berkowitz sold 8,658 shares of the business’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $8.59, for a total value of $74,372.22. Following the completion of the sale, the insider now directly owns 110,023 shares of the company’s stock, valued at approximately $945,097.57. This represents a 7.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 50,230 shares of company stock worth $769,402 in the last 90 days. 5.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arvinas

Institutional investors have recently made changes to their positions in the company. GF Fund Management CO. LTD. acquired a new stake in Arvinas during the fourth quarter worth about $28,000. CWM LLC grew 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 buying an additional 7,300 shares in the last quarter. KBC Group NV increased its position in Arvinas by 77.0% in the 4th quarter. KBC Group NV now owns 2,885 shares of the company’s stock valued at $55,000 after acquiring an additional 1,255 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in Arvinas during the 1st quarter valued at $80,000. Finally, Exchange Traded Concepts LLC boosted its position in Arvinas by 119.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 14,642 shares of the company’s stock worth $103,000 after acquiring an additional 7,983 shares during the period. 95.19% of the stock is currently owned by institutional investors.

Arvinas Stock Up 6.8 %

The company has a 50 day moving average price of $9.66 and a 200-day moving average price of $17.51. The company has a market cap of $530.92 million, a P/E ratio of -2.79 and a beta of 2.30.

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.