Bank of America Corp DE Purchases 44,895 Shares of Arvinas, Inc. (NASDAQ:ARVN)

Bank of America Corp DE grew its position in Arvinas, Inc. (NASDAQ:ARVN) by 55.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 126,410 shares of the company’s stock after acquiring an additional 44,895 shares during the quarter. Bank of America Corp DE owned 0.26% of Arvinas worth $9,734,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in ARVN. Macquarie Group Ltd. increased its stake in Arvinas by 135.9% in the 2nd quarter. Macquarie Group Ltd. now owns 1,425 shares of the company’s stock worth $110,000 after acquiring an additional 821 shares during the last quarter. Great West Life Assurance Co. Can increased its stake in Arvinas by 66.6% in the 1st quarter. Great West Life Assurance Co. Can now owns 2,092 shares of the company’s stock worth $137,000 after acquiring an additional 836 shares during the last quarter. Royal Bank of Canada bought a new stake in Arvinas in the 1st quarter worth approximately $143,000. Rockefeller Capital Management L.P. increased its stake in Arvinas by 101.1% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 2,011 shares of the company’s stock worth $154,000 after acquiring an additional 1,011 shares during the last quarter. Finally, Inscription Capital LLC bought a new stake in Arvinas in the 2nd quarter worth approximately $236,000. 99.83% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have recently weighed in on ARVN. Roth Capital boosted their target price on Arvinas from $120.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, August 9th. SVB Leerink began coverage on Arvinas in a research report on Thursday, October 14th. They set an “outperform” rating and a $115.00 target price on the stock. Piper Sandler boosted their target price on Arvinas from $105.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday, August 5th. Bank of America began coverage on Arvinas in a research report on Thursday, September 9th. They set a “buy” rating and a $110.00 target price on the stock. Finally, Zacks Investment Research downgraded Arvinas from a “buy” rating to a “hold” rating in a research report on Tuesday, October 12th. One equities research analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $126.11.

In other news, Director Timothy M. Shannon sold 59,355 shares of the stock in a transaction dated Tuesday, August 31st. The stock was sold at an average price of $85.56, for a total value of $5,078,413.80. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Liam Ratcliffe sold 13,358 shares of the stock in a transaction dated Wednesday, November 10th. The shares were sold at an average price of $88.20, for a total value of $1,178,175.60. The disclosure for this sale can be found here. Insiders have sold a total of 413,667 shares of company stock valued at $36,446,893 over the last 90 days. 6.45% of the stock is currently owned by company insiders.

Shares of ARVN stock opened at $78.25 on Thursday. Arvinas, Inc. has a twelve month low of $23.28 and a twelve month high of $108.46. The stock has a market capitalization of $4.14 billion, a price-to-earnings ratio of -20.59 and a beta of 1.91. The stock has a fifty day simple moving average of $86.31 and a two-hundred day simple moving average of $83.21.

Arvinas (NASDAQ:ARVN) last issued its earnings results on Wednesday, November 3rd. The company reported ($0.94) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.13 by ($3.07). Arvinas had a negative return on equity of 27.02% and a negative net margin of 794.97%. The firm had revenue of $9.28 million during the quarter, compared to analysts’ expectations of $26.89 million. During the same quarter in the prior year, the company posted ($0.79) earnings per share. Arvinas’s quarterly revenue was up 22.2% compared to the same quarter last year. Analysts forecast that Arvinas, Inc. will post -3.55 EPS for the current fiscal year.

Arvinas Profile

Arvinas, Inc is a biopharmaceutical company, which engages in the discovery, development and commercialization of therapies to degrade disease-causing proteins. Its product candidates are ARV-110, a proteolysis targeting chimera (PROTAC) protein degrader that is in phase I clinical trial targeting the androgen receptor (AR) protein for the treatment of men with metastatic castration-resistant prostate cancer; and ARV-471, a PROTAC protein degrader targeting the estrogen receptor protein for the treatment of patients with metastatic ER positive/HER2 negative breast cancer.

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Institutional Ownership by Quarter for Arvinas (NASDAQ:ARVN)

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