Arvinas (NASDAQ:ARVN) Shares Gap Down on Disappointing Earnings

Arvinas, Inc. (NASDAQ:ARVN)’s share price gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $12.30, but opened at $11.33. Arvinas shares last traded at $11.8650, with a volume of 296,398 shares trading hands.

The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.55). Arvinas had a negative return on equity of 9.77% and a negative net margin of 18.73%.The business had revenue of $9.50 million during the quarter, compared to the consensus estimate of $37.26 million. During the same quarter in the previous year, the business earned ($0.63) earnings per share. The firm’s revenue was down 84.0% compared to the same quarter last year.

Analyst Ratings Changes

ARVN has been the subject of a number of analyst reports. Wall Street Zen raised Arvinas from a “sell” rating to a “hold” rating in a research report on Sunday. Citigroup upgraded Arvinas from a “neutral” rating to a “buy” rating and raised their price target for the company from $10.00 to $15.00 in a report on Tuesday, January 6th. Wells Fargo & Company dropped their price target on shares of Arvinas from $16.00 to $15.00 and set an “overweight” rating on the stock in a research note on Thursday, November 6th. Barclays raised their price objective on shares of Arvinas from $16.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, December 17th. Finally, BTIG Research upped their target price on shares of Arvinas from $10.00 to $14.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Ten analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $13.12.

Insider Buying and Selling at Arvinas

In other Arvinas news, CFO Andrew Saik sold 5,134 shares of the business’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $11.89, for a total transaction of $61,043.26. Following the completion of the sale, the chief financial officer directly owned 159,267 shares in the company, valued at approximately $1,893,684.63. The trade was a 3.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Randy Teel sold 4,403 shares of the firm’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $11.89, for a total value of $52,351.67. Following the completion of the transaction, the chief executive officer owned 154,482 shares in the company, valued at approximately $1,836,790.98. This trade represents a 2.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 16,238 shares of company stock worth $193,070. Insiders own 4.73% of the company’s stock.

Institutional Investors Weigh In On Arvinas

A number of large investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC increased its position in shares of Arvinas by 491.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,819 shares of the company’s stock valued at $43,000 after purchasing an additional 4,835 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Arvinas by 109.4% in the second quarter. Canada Pension Plan Investment Board now owns 6,700 shares of the company’s stock worth $49,000 after buying an additional 3,500 shares during the last quarter. State of Wyoming bought a new stake in Arvinas during the third quarter valued at approximately $68,000. Abel Hall LLC purchased a new stake in Arvinas during the fourth quarter valued at approximately $125,000. Finally, Corient Private Wealth LLC purchased a new stake in Arvinas during the fourth quarter valued at approximately $127,000. 95.19% of the stock is currently owned by institutional investors.

Arvinas Price Performance

The company’s 50-day simple moving average is $12.36 and its two-hundred day simple moving average is $10.47. The firm has a market capitalization of $775.01 million, a P/E ratio of -14.95 and a beta of 1.88.

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.