Arvinas (NASDAQ:ARVN) Stock Price Up 5% Following Earnings Beat

Shares of Arvinas, Inc. (NASDAQ:ARVN) rose 5% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $18.96 and last traded at $18.57. Approximately 251,434 shares changed hands during trading, a decline of 71% from the average daily volume of 867,256 shares. The stock had previously closed at $17.68.

The company reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.07) by $0.44. During the same quarter in the prior year, the business earned ($2.53) EPS.

Wall Street Analyst Weigh In

ARVN has been the subject of a number of recent analyst reports. Wedbush restated an “outperform” rating and issued a $57.00 price objective on shares of Arvinas in a report on Tuesday. Cantor Fitzgerald restated an “overweight” rating on shares of Arvinas in a research note on Friday, February 7th. Barclays reduced their price target on shares of Arvinas from $48.00 to $32.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. BTIG Research assumed coverage on Arvinas in a research report on Tuesday, December 10th. They set a “buy” rating and a $69.00 target price on the stock. Finally, Stifel Nicolaus decreased their target price on shares of Arvinas from $63.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday. One investment analyst has 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 stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.91.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. raised its position in Arvinas by 18.7% during the third quarter. JPMorgan Chase & Co. now owns 2,329,303 shares of the company’s stock valued at $57,371,000 after purchasing an additional 367,343 shares during the period. Baker BROS. Advisors LP purchased a new stake in Arvinas during the 3rd quarter valued at $9,989,000. SG Americas Securities LLC lifted its position in Arvinas by 228.8% in the fourth quarter. SG Americas Securities LLC now owns 32,424 shares of the company’s stock worth $622,000 after buying an additional 22,564 shares during the last quarter. Wasatch Advisors LP boosted its stake in Arvinas by 58.3% during the third quarter. Wasatch Advisors LP now owns 435,943 shares of the company’s stock worth $10,737,000 after buying an additional 160,510 shares during the period. Finally, Barclays PLC increased its position in Arvinas by 198.9% during the third quarter. Barclays PLC now owns 121,699 shares of the company’s stock valued at $2,998,000 after acquiring an additional 80,984 shares during the last quarter. Institutional investors own 95.19% of the company’s stock.

Arvinas Stock Up 5.3 %

The company’s 50 day moving average price is $19.33 and its two-hundred day moving average price is $23.36. The firm has a market cap of $1.28 billion, a PE ratio of -3.98 and a beta of 1.88.

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.