Short Interest in Arvinas, Inc. (NASDAQ:ARVN) Drops By 16.4%

Arvinas, Inc. (NASDAQ:ARVN) was the recipient of a significant drop in short interest in the month of September. As of September 30th, there was short interest totalling 10,670,000 shares, a drop of 16.4% from the September 15th total of 12,760,000 shares. Based on an average trading volume of 647,700 shares, the short-interest ratio is presently 16.5 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Exchange Traded Concepts LLC grew its stake in Arvinas by 37.0% during the 3rd quarter. Exchange Traded Concepts LLC now owns 6,659 shares of the company’s stock worth $164,000 after purchasing an additional 1,798 shares in the last quarter. Handelsbanken Fonder AB grew its stake in Arvinas by 17.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 19,525 shares of the company’s stock worth $481,000 after purchasing an additional 2,900 shares in the last quarter. Squarepoint Ops LLC grew its stake in Arvinas by 45.2% during the 2nd quarter. Squarepoint Ops LLC now owns 118,899 shares of the company’s stock worth $3,165,000 after purchasing an additional 37,028 shares in the last quarter. Marshall Wace LLP acquired a new position in Arvinas during the 2nd quarter worth $538,000. Finally, Magnetar Financial LLC grew its stake in Arvinas by 112.7% during the 2nd quarter. Magnetar Financial LLC now owns 41,992 shares of the company’s stock worth $1,118,000 after purchasing an additional 22,245 shares in the last quarter. 95.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on ARVN. Barclays dropped their target price on Arvinas from $60.00 to $48.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Wedbush reaffirmed an “outperform” rating and set a $57.00 target price on shares of Arvinas in a report on Tuesday, July 30th. Oppenheimer dropped their price objective on Arvinas from $70.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Cantor Fitzgerald reissued an “overweight” rating on shares of Arvinas in a report on Monday, September 9th. Finally, HC Wainwright reissued a “buy” rating and issued a $87.00 price objective on shares of Arvinas in a report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.50.

Arvinas Price Performance

Shares of ARVN stock traded down $0.46 on Monday, hitting $25.67. The stock had a trading volume of 263,045 shares, compared to its average volume of 726,681. The firm has a market capitalization of $1.76 billion, a P/E ratio of -4.40 and a beta of 1.97. Arvinas has a 1 year low of $13.57 and a 1 year high of $53.08. The company’s 50 day moving average price is $25.09 and its 200-day moving average price is $28.86.

Arvinas (NASDAQ:ARVN) last posted its quarterly earnings data on Tuesday, July 30th. The company reported ($0.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.08) by $0.59. The firm had revenue of $76.50 million during the quarter, compared to analysts’ expectations of $33.27 million. Arvinas’s quarterly revenue was up 40.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.25) EPS. On average, equities analysts forecast that Arvinas will post -3.51 EPS for the current year.

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.