Arvinas (NASDAQ:ARVN) Shares Gap Up – Still a Buy?

Arvinas, Inc. (NASDAQ:ARVN) gapped up prior to trading on Tuesday . The stock had previously closed at $11.17, but opened at $12.74. Arvinas shares last traded at $11.9370, with a volume of 182,341 shares.

Analysts Set New Price Targets

Several equities analysts have recently commented on ARVN shares. BTIG Research upped their price objective on shares of Arvinas from $10.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Stephens lifted their price objective on Arvinas from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Arvinas in a report on Monday, December 22nd. Wells Fargo & Company dropped their price target on Arvinas from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Finally, Barclays boosted their price objective on shares of Arvinas from $16.00 to $18.00 and gave the company an “overweight” rating in a research report on Wednesday, December 17th. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $16.79.

Arvinas Trading Down 1.7%

The stock’s 50 day moving average is $11.65 and its 200-day moving average is $9.29. The company has a market cap of $783.48 million, a P/E ratio of -15.15 and a beta of 1.89.

Arvinas (NASDAQ:ARVN) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.48) earnings per share for the quarter, beating the consensus estimate of ($0.75) by $0.27. Arvinas had a negative net margin of 18.73% and a negative return on equity of 9.77%. The company had revenue of $41.90 million during the quarter, compared to the consensus estimate of $29.36 million. During the same quarter last year, the firm earned ($0.68) earnings per share. The firm’s quarterly revenue was down 59.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Arvinas, Inc. will post -3.81 EPS for the current year.

Arvinas announced that its board has approved a stock repurchase plan on Wednesday, September 17th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 17.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Arvinas

Several hedge funds and other institutional investors have recently bought and sold shares of ARVN. Monaco Asset Management SAM lifted its stake in shares of Arvinas by 185.6% during the 2nd quarter. Monaco Asset Management SAM now owns 900,936 shares of the company’s stock valued at $6,631,000 after buying an additional 585,477 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Arvinas by 791.1% during the 2nd quarter. Acadian Asset Management LLC now owns 1,427,832 shares of the company’s stock valued at $10,498,000 after buying an additional 1,267,593 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in Arvinas in the 2nd quarter worth approximately $404,000. SG Americas Securities LLC purchased a new stake in shares of Arvinas during the 2nd quarter worth approximately $390,000. Finally, Palumbo Wealth Management LLC bought a new position in Arvinas during the second quarter valued at $492,000. Institutional investors own 95.19% of the company’s stock.

Arvinas Company Profile

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.