Arvinas, Inc. $ARVN Shares Sold by TD Asset Management Inc

TD Asset Management Inc trimmed its stake in shares of Arvinas, Inc. (NASDAQ:ARVN) by 77.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 22,878 shares of the company’s stock after selling 79,048 shares during the quarter. TD Asset Management Inc’s holdings in Arvinas were worth $168,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of ARVN. Alyeska Investment Group L.P. acquired a new stake in Arvinas during the 1st quarter worth about $12,636,000. Vanguard Group Inc. boosted its holdings 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 worth $58,703,000 after buying an additional 1,299,639 shares during the period. Philosophy Capital Management LLC purchased a new position in shares of Arvinas in the first quarter worth approximately $6,992,000. Federated Hermes Inc. raised its holdings in shares of Arvinas by 1,965.0% during the first quarter. Federated Hermes Inc. now owns 980,674 shares of the company’s stock valued at $6,884,000 after acquiring an additional 933,183 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of Arvinas by 208.4% during the first quarter. Millennium Management LLC now owns 1,310,326 shares of the company’s stock valued at $9,198,000 after acquiring an additional 885,483 shares during the period. Institutional investors and hedge funds own 95.19% of the company’s stock.

Arvinas Stock Down 1.6%

ARVN stock opened at $9.16 on Friday. Arvinas, Inc. has a 12-month low of $5.90 and a 12-month high of $29.61. The company has a market cap of $672.53 million, a price-to-earnings ratio of -9.07 and a beta of 2.39. The company has a 50 day moving average of $8.31 and a two-hundred day moving average of $7.73.

Arvinas (NASDAQ:ARVN) last announced its quarterly earnings results 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 net margin of 19.47% and a negative return on equity of 12.01%. The company had revenue of $22.40 million for the quarter, compared to analyst estimates of $34.42 million. During the same quarter in the prior year, the business posted ($0.49) EPS. Arvinas’s quarterly revenue was down 70.7% on a year-over-year basis. On average, research analysts anticipate that Arvinas, Inc. will post -3.81 EPS for the current year.

Arvinas declared that its Board of Directors has approved a stock repurchase program on Wednesday, September 17th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 17.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently commented on ARVN shares. Wedbush restated a “neutral” rating and issued a $9.00 price target (down previously from $10.00) on shares of Arvinas in a research report on Thursday, September 18th. Piper Sandler restated an “overweight” rating and issued a $16.00 price target on shares of Arvinas in a research report on Tuesday, October 7th. Guggenheim reduced their price target on shares of Arvinas from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 7th. Weiss Ratings restated a “sell (e+)” rating on shares of Arvinas in a research report on Wednesday, October 8th. Finally, Barclays started coverage on shares of Arvinas in a research report on Wednesday, September 17th. They issued an “overweight” rating and a $16.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Arvinas currently has a consensus rating of “Hold” and an average target price of $16.18.

Insider Activity at Arvinas

In other Arvinas news, Director Briggs Morrison purchased 30,000 shares of the company’s stock in a transaction dated Monday, September 22nd. The shares were bought at an average price of $7.57 per share, for a total transaction of $227,100.00. Following the purchase, the director directly owned 76,021 shares in the company, valued at $575,478.97. This trade represents a 65.19% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.73% of the stock is currently owned by company insiders.

Arvinas Company Profile

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.