Arvinas (NASDAQ:ARVN) Reaches New 1-Year High After Insider Buying Activity

Shares of Arvinas, Inc. (NASDAQ:ARVN) hit a new 52-week high on Tuesday following insider buying activity. The stock traded as high as $14.51 and last traded at $13.8970, with a volume of 213394 shares changing hands. The stock had previously closed at $13.37.

Specifically, Director Briggs Morrison acquired 20,000 shares of Arvinas stock in a transaction dated Friday, March 6th. The stock was bought at an average cost of $13.40 per share, with a total value of $268,000.00. Following the acquisition, the director owned 96,021 shares of the company’s stock, valued at approximately $1,286,681.40. The trade was a 26.31% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ARVN shares. Citigroup upped their target price on shares of Arvinas from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Barclays raised their price target on shares of Arvinas from $16.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 17th. Wall Street Zen lowered Arvinas from a “hold” rating to a “sell” rating in a research note on Monday, March 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Arvinas in a report on Monday, December 22nd. Finally, Piper Sandler restated an “overweight” rating and set a $20.00 target price (up from $16.00) on shares of Arvinas in a research report on Wednesday, February 25th. Ten research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $13.65.

Arvinas Trading Up 3.4%

The stock has a market capitalization of $884.57 million, a P/E ratio of -10.80 and a beta of 1.87. The firm’s fifty day moving average is $12.69 and its 200-day moving average is $10.96.

Arvinas (NASDAQ:ARVN) last released its quarterly earnings results on Tuesday, February 24th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.55). The firm had revenue of $9.50 million during the quarter, compared to analyst estimates of $37.26 million. Arvinas had a negative net margin of 30.77% and a negative return on equity of 14.25%. Arvinas’s quarterly revenue was down 84.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.63) earnings per share. Equities research analysts expect that Arvinas, Inc. will post -3.81 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. TCG Crossover Management LLC acquired a new stake in Arvinas during the 3rd quarter valued at $13,780,000. Acadian Asset Management LLC boosted its stake in Arvinas by 791.1% in the second quarter. Acadian Asset Management LLC now owns 1,427,832 shares of the company’s stock worth $10,498,000 after purchasing an additional 1,267,593 shares in the last quarter. Balyasny Asset Management L.P. grew its holdings in shares of Arvinas by 469.1% during the third quarter. Balyasny Asset Management L.P. now owns 1,207,267 shares of the company’s stock worth $10,286,000 after purchasing an additional 995,125 shares during the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of Arvinas by 154.8% during the third quarter. Qube Research & Technologies Ltd now owns 1,486,864 shares of the company’s stock worth $12,668,000 after purchasing an additional 903,337 shares during the last quarter. Finally, Millennium Management LLC increased its stake in shares of Arvinas by 208.4% in 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 in the last quarter. 95.19% of the stock is owned by institutional investors and hedge funds.

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.