Arvinas (NASDAQ:ARVN) Given New $21.00 Price Target at Citigroup

Arvinas (NASDAQ:ARVN) had its price target boosted by stock analysts at Citigroup from $18.00 to $21.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 92.75% from the company’s previous close.

ARVN has been the topic of a number of other reports. BTIG Research lifted their price target on shares of Arvinas from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday. Wedbush raised their target price on shares of Arvinas from $9.00 to $11.00 and gave the company a “neutral” rating in a research note on Tuesday, February 24th. Truist Financial set a $10.00 price objective on Arvinas in a research note on Wednesday. Barclays increased their target price on Arvinas from $16.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, December 17th. Finally, Wall Street Zen downgraded shares of Arvinas from a “hold” rating to a “sell” rating in a research report on Monday, March 2nd. Ten research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $13.88.

Arvinas Stock Performance

Arvinas stock traded up $0.01 during midday trading on Thursday, hitting $10.90. 297,617 shares of the company’s stock were exchanged, compared to its average volume of 806,105. The stock has a market cap of $696.84 million, a price-to-earnings ratio of -8.52 and a beta of 1.87. Arvinas has a 12-month low of $5.90 and a 12-month high of $14.51. The firm’s 50 day simple moving average is $12.74 and its 200 day simple moving average is $11.13.

Arvinas (NASDAQ:ARVN) last issued its quarterly earnings results on Tuesday, February 24th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.55). The firm had revenue of $9.50 million for the quarter, compared to analysts’ expectations of $37.26 million. Arvinas had a negative return on equity of 14.25% and a negative net margin of 30.77%.The business’s quarterly revenue was down 84.0% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.63) earnings per share. On average, equities research analysts forecast that Arvinas will post -3.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arvinas news, insider Noah Berkowitz sold 5,685 shares of the business’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $11.89, for a total value of $67,594.65. Following the sale, the insider directly owned 163,938 shares in the company, valued at approximately $1,949,222.82. The trade was a 3.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Randy Teel sold 4,786 shares of the stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $12.16, for a total value of $58,197.76. Following the sale, the chief executive officer owned 149,696 shares of the company’s stock, valued at $1,820,303.36. This trade represents a 3.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 57,429 shares of company stock valued at $731,014. 4.73% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arvinas

A number of institutional investors have recently bought and sold shares of the stock. Nordea Investment Management AB grew its position in shares of Arvinas by 28.7% during the 3rd quarter. Nordea Investment Management AB now owns 557,742 shares of the company’s stock worth $4,730,000 after buying an additional 124,254 shares during the period. Campbell & CO Investment Adviser LLC boosted its stake in Arvinas by 307.7% in the third quarter. Campbell & CO Investment Adviser LLC now owns 223,576 shares of the company’s stock valued at $1,905,000 after acquiring an additional 168,744 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Arvinas during the 2nd quarter worth $390,000. 22NW LP bought a new stake in shares of Arvinas during the 2nd quarter valued at $3,044,000. Finally, Velan Capital Investment Management LP acquired a new position in shares of Arvinas in the 2nd quarter valued at $3,680,000. Hedge funds and other institutional investors own 95.19% of the company’s stock.

About Arvinas

Arvinas, Inc (NASDAQ: ARVN) is a biopharmaceutical company focused on the development of therapies based on targeted protein degradation. Utilizing its proprietary proteolysis-targeting chimera (PROTAC®) platform, Arvinas aims to selectively eliminate disease-causing proteins rather than merely inhibit their activity. This novel approach has the potential to address a range of diseases, including oncology, neurodegeneration and inflammation, by harnessing the body’s natural protein-recycling systems.

The company’s most advanced clinical candidates address hormone-driven cancers.