Arvinas (NASDAQ:ARVN) Stock Rating Lowered by Bank of America

Arvinas (NASDAQ:ARVN) was downgraded by analysts at Bank of America from a “buy” rating to a “neutral” rating in a report released on Wednesday, MarketBeat.com reports. They presently have a $10.00 target price on the stock. Bank of America‘s price target points to a potential upside of 29.03% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. HC Wainwright cut their price objective on Arvinas from $24.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Wedbush reaffirmed a “neutral” rating and issued a $9.00 price target (down previously from $10.00) on shares of Arvinas in a research note on Thursday, September 18th. Leerink Partners reiterated a “market perform” rating and issued a $9.00 price target (down previously from $10.00) on shares of Arvinas in a report on Monday, June 2nd. BTIG Research lowered their price objective on shares of Arvinas from $16.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, September 18th. Finally, Wells Fargo & Company reduced their target price on shares of Arvinas from $19.00 to $16.00 and set an “overweight” rating for the company in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, Arvinas currently has an average rating of “Moderate Buy” and an average price target of $16.18.

Arvinas Stock Up 0.3%

Shares of ARVN stock opened at $7.75 on Wednesday. Arvinas has a 12-month low of $5.90 and a 12-month high of $29.61. The firm has a fifty day moving average of $7.48 and a 200-day moving average of $7.54. The firm has a market capitalization of $569.01 million, a price-to-earnings ratio of -7.67 and a beta of 2.38.

Arvinas (NASDAQ:ARVN) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.84) EPS 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 business had revenue of $22.40 million for the quarter, compared to the consensus estimate of $34.42 million. During the same quarter last year, the business posted ($0.49) EPS. The firm’s revenue was down 70.7% compared to the same quarter last year. Research analysts expect that Arvinas will post -3.81 earnings per share for the current year.

Arvinas declared that its Board of Directors has approved a stock buyback program on Wednesday, September 17th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 17.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Arvinas news, Director Briggs Morrison purchased 30,000 shares of the stock in a transaction on Monday, September 22nd. The shares were purchased at an average cost of $7.57 per share, for a total transaction of $227,100.00. Following the purchase, the director owned 76,021 shares of the company’s stock, valued at approximately $575,478.97. This represents a 65.19% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.73% of the company’s stock.

Hedge Funds Weigh In On Arvinas

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Arvinas by 18.4% in the first quarter. Vanguard Group Inc. now owns 8,362,200 shares of the company’s stock valued at $58,703,000 after acquiring an additional 1,299,639 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in Arvinas in the first quarter valued at approximately $80,000. Monaco Asset Management SAM increased its position in shares of Arvinas by 1,161.8% during the 1st quarter. Monaco Asset Management SAM now owns 315,459 shares of the company’s stock worth $2,215,000 after purchasing an additional 290,459 shares during the last quarter. Federated Hermes Inc. increased its position in shares of Arvinas by 1,965.0% during the 1st quarter. Federated Hermes Inc. now owns 980,674 shares of the company’s stock worth $6,884,000 after purchasing an additional 933,183 shares during the last quarter. Finally, XTX Topco Ltd raised its stake in shares of Arvinas by 194.2% during the 1st quarter. XTX Topco Ltd now owns 78,257 shares of the company’s stock worth $549,000 after purchasing an additional 51,658 shares in the last quarter. 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.