Arvinas (NASDAQ:ARVN) Price Target Cut to $16.00 by Analysts at Wells Fargo & Company

Arvinas (NASDAQ:ARVN) had its price target cut by Wells Fargo & Company from $19.00 to $16.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 154.37% from the company’s previous close.

Several other equities analysts have also weighed in on the company. Citigroup cut their target price on Arvinas from $10.00 to $9.50 and set a “neutral” rating on the stock in a research note on Monday, May 5th. HC Wainwright set a $24.00 target price on Arvinas in a research note on Monday, June 2nd. Barclays cut their target price on Arvinas from $32.00 to $16.00 and set an “overweight” rating on the stock in a research note on Friday, May 2nd. Truist Financial reissued a “hold” rating and issued a $11.00 target price (down previously from $21.00) on shares of Arvinas in a research note on Monday, May 5th. Finally, Leerink Partnrs lowered Arvinas from a “strong-buy” rating to a “hold” rating in a research note on Sunday, June 1st. Ten equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.76.

Arvinas Trading Up 0.8%

Shares of NASDAQ:ARVN opened at $6.29 on Thursday. The stock has a market capitalization of $461.81 million, a P/E ratio of -6.23 and a beta of 2.22. Arvinas has a 1-year low of $5.90 and a 1-year high of $29.61. The business has a 50-day moving average price of $7.52 and a two-hundred day moving average price of $9.97.

Arvinas (NASDAQ:ARVN) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.84) earnings per share for the quarter, topping the consensus estimate of ($0.87) by $0.03. Arvinas had a negative return on equity of 12.01% and a negative net margin of 19.47%. The firm had revenue of $22.40 million during the quarter, compared to analysts’ expectations of $34.42 million. During the same period in the previous year, the business posted ($0.49) EPS. The company’s quarterly revenue was down 70.7% compared to the same quarter last year. As a group, equities analysts predict that Arvinas will post -3.81 EPS for the current year.

Insiders Place Their Bets

In other Arvinas news, CFO Andrew Saik sold 5,700 shares of the firm’s stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $7.61, for a total value of $43,377.00. Following the completion of the transaction, the chief financial officer directly owned 164,401 shares in the company, valued at $1,251,091.61. This trade represents a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.73% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Invesco Ltd. grew its stake in Arvinas by 1.6% in the fourth quarter. Invesco Ltd. now owns 37,254 shares of the company’s stock valued at $714,000 after purchasing an additional 581 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of Arvinas by 2.7% during the 4th quarter. Bank of Montreal Can now owns 39,407 shares of the company’s stock worth $755,000 after acquiring an additional 1,044 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Arvinas by 3.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,514 shares of the company’s stock worth $700,000 after acquiring an additional 1,353 shares during the period. GF Fund Management CO. LTD. bought a new position in shares of Arvinas during the 4th quarter worth approximately $28,000. Finally, LPL Financial LLC boosted its stake in shares of Arvinas by 12.5% during the 4th quarter. LPL Financial LLC now owns 18,669 shares of the company’s stock worth $358,000 after acquiring an additional 2,077 shares during the period. 95.19% of the stock is currently owned by institutional investors.

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.