Arvinas, Inc. (NASDAQ:ARVN) Short Interest Down 12.7% in October

Arvinas, Inc. (NASDAQ:ARVN) was the target of a significant decline in short interest in the month of October. As of October 15th, there was short interest totalling 9,320,000 shares, a decline of 12.7% from the September 30th total of 10,670,000 shares. Based on an average daily volume of 581,800 shares, the short-interest ratio is currently 16.0 days.

Hedge Funds Weigh In On Arvinas

Institutional investors and hedge funds have recently made changes to their positions in the business. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Arvinas by 64.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,203 shares of the company’s stock valued at $325,000 after acquiring an additional 5,163 shares during the last quarter. abrdn plc raised its position in Arvinas by 27.8% during the third quarter. abrdn plc now owns 78,585 shares of the company’s stock valued at $1,936,000 after purchasing an additional 17,093 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Arvinas by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,483 shares of the company’s stock valued at $61,000 after purchasing an additional 440 shares during the last quarter. E. Ohman J or Asset Management AB boosted its holdings in shares of Arvinas by 20.1% in the 3rd quarter. E. Ohman J or Asset Management AB now owns 29,830 shares of the company’s stock worth $735,000 after purchasing an additional 5,000 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Arvinas in the 3rd quarter worth approximately $3,442,000. 95.19% of the stock is owned by hedge funds and other institutional investors.

Arvinas Price Performance

NASDAQ ARVN opened at $27.66 on Thursday. Arvinas has a 1-year low of $14.02 and a 1-year high of $53.08. The business has a 50 day simple moving average of $25.53 and a two-hundred day simple moving average of $27.85. The stock has a market capitalization of $1.90 billion, a PE ratio of -4.66 and a beta of 1.97.

Arvinas (NASDAQ:ARVN) last posted its earnings results on Wednesday, October 30th. The company reported ($0.68) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.88) by $0.20. The business had revenue of $102.40 million during the quarter, compared to analysts’ expectations of $60.56 million. During the same period last year, the business posted ($1.18) earnings per share. The company’s revenue for the quarter was up 196.0% compared to the same quarter last year. On average, analysts anticipate that Arvinas will post -3.51 EPS for the current fiscal year.

Analysts Set New Price Targets

ARVN has been the topic of a number of analyst reports. Wedbush reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Arvinas in a research report on Tuesday, July 30th. Barclays lowered their price target on shares of Arvinas from $60.00 to $48.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Oppenheimer reduced their price objective on shares of Arvinas from $70.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. HC Wainwright restated a “buy” rating and set a $87.00 target price on shares of Arvinas in a research note on Thursday, August 1st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arvinas in a report on Monday, September 9th. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.69.

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.