Arvinas (NASDAQ:ARVN) Stock Price Up 6.3% – Time to Buy?

Shares of Arvinas, Inc. (NASDAQ:ARVN) shot up 6.3% during trading on Wednesday . The stock traded as high as $26.08 and last traded at $26.01. 165,484 shares traded hands during trading, a decline of 77% from the average session volume of 715,303 shares. The stock had previously closed at $24.48.

Wall Street Analysts Forecast Growth

ARVN has been the subject of a number of research analyst reports. Stephens initiated coverage on shares of Arvinas in a research report on Monday, November 18th. They issued an “overweight” rating and a $55.00 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arvinas in a report on Monday, September 9th. HC Wainwright restated a “buy” rating and issued a $87.00 target price on shares of Arvinas in a research note on Thursday, October 31st. Oppenheimer reduced their price target on Arvinas from $50.00 to $40.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Finally, BMO Capital Markets dropped their price objective on Arvinas from $90.00 to $88.00 and set an “outperform” rating on the stock in a report on Wednesday, November 20th. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $61.08.

Arvinas Stock Up 6.1 %

The company has a 50-day simple moving average of $25.65 and a 200 day simple moving average of $26.81.

Arvinas (NASDAQ:ARVN) last announced its earnings results on Wednesday, October 30th. The company reported ($0.68) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.88) by $0.20. The company had revenue of $102.40 million for the quarter, compared to the consensus estimate of $60.56 million. The company’s revenue was up 196.0% compared to the same quarter last year. During the same period last year, the firm posted ($1.18) EPS. On average, equities analysts anticipate that Arvinas, Inc. will post -3.32 earnings per share for the current year.

Institutional Investors Weigh In On Arvinas

Several hedge funds have recently made changes to their positions in ARVN. Franklin Resources Inc. raised its holdings in Arvinas by 11.6% in the 3rd quarter. Franklin Resources Inc. now owns 69,190 shares of the company’s stock valued at $1,776,000 after acquiring an additional 7,166 shares in the last quarter. M&T Bank Corp increased its position in shares of Arvinas by 53.5% during the third quarter. M&T Bank Corp now owns 27,137 shares of the company’s stock valued at $669,000 after purchasing an additional 9,462 shares during the period. Barclays PLC raised its stake in shares of Arvinas by 198.9% in the third quarter. Barclays PLC now owns 121,699 shares of the company’s stock valued at $2,998,000 after purchasing an additional 80,984 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in Arvinas by 36.3% in the third quarter. Nomura Asset Management Co. Ltd. now owns 90,870 shares of the company’s stock worth $2,238,000 after purchasing an additional 24,223 shares during the period. Finally, XTX Topco Ltd acquired a new stake in Arvinas during the third quarter worth $453,000. Institutional investors own 95.19% of the company’s stock.

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.