Arvinas (NASDAQ:ARVN) Issues Earnings Results

Arvinas (NASDAQ:ARVN) released its quarterly earnings results on Wednesday. The company reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.27, Zacks reports. Arvinas had a negative net margin of 18.73% and a negative return on equity of 9.58%. The company had revenue of $41.90 million for the quarter, compared to the consensus estimate of $29.36 million. During the same period in the previous year, the firm earned ($0.68) EPS. Arvinas’s revenue was down 59.1% on a year-over-year basis.

Arvinas Stock Down 0.3%

Shares of NASDAQ:ARVN opened at $9.98 on Friday. Arvinas has a 12-month low of $5.90 and a 12-month high of $28.70. The firm has a market capitalization of $732.36 million, a P/E ratio of -12.23 and a beta of 2.38. The firm has a fifty day moving average of $8.77 and a two-hundred day moving average of $7.90.

Analysts Set New Price Targets

A number of analysts have recently commented on ARVN shares. Guggenheim dropped their price objective on Arvinas from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Wells Fargo & Company cut their price target on shares of Arvinas from $16.00 to $15.00 and set an “overweight” rating for the company in a report on Thursday. Stephens dropped their target price on shares of Arvinas from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Thursday, September 18th. BTIG Research lifted their price target on shares of Arvinas from $10.00 to $14.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Finally, HC Wainwright cut their price objective on Arvinas from $24.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, August 7th. Eleven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $16.34.

Insider Transactions at Arvinas

In other news, Director Briggs Morrison bought 30,000 shares of the stock in a transaction on Monday, September 22nd. The shares were purchased at an average price of $7.57 per share, for a total transaction of $227,100.00. Following the completion of the purchase, the director directly owned 76,021 shares of the company’s stock, valued at $575,478.97. This trade represents a 65.19% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.73% of the company’s stock.

Hedge Funds Weigh In On Arvinas

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC lifted its stake in shares of Arvinas by 491.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,819 shares of the company’s stock valued at $43,000 after purchasing an additional 4,835 shares during the last quarter. Canada Pension Plan Investment Board grew its position in Arvinas by 109.4% in the 2nd quarter. Canada Pension Plan Investment Board now owns 6,700 shares of the company’s stock worth $49,000 after purchasing an additional 3,500 shares during the last quarter. Oxford Asset Management LLP raised its holdings in Arvinas by 15.5% in the 2nd quarter. Oxford Asset Management LLP now owns 16,705 shares of the company’s stock valued at $123,000 after acquiring an additional 2,242 shares in the last quarter. American Century Companies Inc. bought a new position in Arvinas in the second quarter worth $169,000. Finally, Amundi increased its stake in Arvinas by 873.6% in the second quarter. Amundi now owns 26,269 shares of the company’s stock valued at $208,000 after acquiring an additional 23,571 shares during the period. Institutional investors own 95.19% of the company’s stock.

Arvinas announced that its board has initiated a share repurchase program on Wednesday, September 17th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 17.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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.