Arvinas (NASDAQ:ARVN) Trading 9.2% Higher - Here's Why

Arvinas, Inc. (NASDAQ:ARVN - Get Free Report)'s stock price was up 9.2% during mid-day trading on Friday . The stock traded as high as $20.69 and last traded at $20.63. Approximately 360,360 shares changed hands during trading, a decline of 29% from the average daily volume of 506,650 shares. The stock had previously closed at $18.89.

Wall Street Analysts Forecast Growth

ARVN has been the topic of several recent research reports. HC Wainwright reaffirmed a "buy" rating and set a $87.00 target price on shares of Arvinas in a report on Wednesday, December 11th. Stephens started coverage on Arvinas in a report on Monday, November 18th. They issued an "overweight" rating and a $55.00 target price on the stock. Oppenheimer decreased their target price on shares of Arvinas from $50.00 to $40.00 and set an "outperform" rating for the company in a research report on Thursday, October 31st. Guggenheim restated a "buy" rating on shares of Arvinas in a research report on Thursday, December 12th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Arvinas in a research report on Monday, September 9th. One analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Arvinas presently has an average rating of "Moderate Buy" and a consensus target price of $63.50.

Arvinas Trading Up 8.5 %

The stock's 50-day moving average price is $23.33 and its 200-day moving average price is $25.05. The company has a market cap of $1.41 billion, a P/E ratio of -4.39 and a beta of 1.82.

Arvinas (NASDAQ:ARVN - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.68) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.88) by $0.20. The firm had revenue of $102.40 million during the quarter, compared to the consensus estimate of $60.56 million. The firm's revenue was up 196.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.18) EPS. On average, research analysts anticipate that Arvinas, Inc. will post -3.22 earnings per share for the current fiscal year.

Institutional Trading of Arvinas

Several hedge funds have recently bought and sold shares of ARVN. FMR LLC lifted its stake in shares of Arvinas by 7.6% in the third quarter. FMR LLC now owns 2,883,604 shares of the company's stock valued at $71,023,000 after buying an additional 204,317 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Arvinas by 18.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,329,303 shares of the company's stock valued at $57,371,000 after acquiring an additional 367,343 shares in the last quarter. Braidwell LP boosted its stake in Arvinas by 148.3% during the 3rd quarter. Braidwell LP now owns 1,284,472 shares of the company's stock valued at $31,637,000 after purchasing an additional 767,242 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its holdings in Arvinas by 1.4% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,244,450 shares of the company's stock worth $30,651,000 after purchasing an additional 17,723 shares in the last quarter. Finally, Candriam S.C.A. increased its holdings in Arvinas by 32.0% during the 2nd quarter. Candriam S.C.A. now owns 610,458 shares of the company's stock worth $16,250,000 after purchasing an additional 147,904 shares in the last quarter. Institutional investors and hedge funds own 95.19% of the company's stock.

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.