Arvinas (NASDAQ:ARVN) Stock Price Up 5% Following Better-Than-Expected Earnings

Arvinas, Inc. (NASDAQ:ARVN - Get Free Report) shot up 5% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $18.96 and last traded at $18.57. 251,434 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 867,256 shares. The stock had previously closed at $17.68.

The company reported ($0.63) earnings per share for the quarter, beating analysts' consensus estimates of ($1.07) by $0.44. During the same quarter in the prior year, the company earned ($2.53) EPS.

Analysts Set New Price Targets

A number of brokerages have recently commented on ARVN. HC Wainwright reissued a "buy" rating and issued a $87.00 price target on shares of Arvinas in a report on Wednesday, December 11th. Guggenheim reissued a "buy" rating and issued a $57.00 price target on shares of Arvinas in a report on Wednesday. BMO Capital Markets reissued an "outperform" rating and issued a $82.00 price target (down previously from $88.00) on shares of Arvinas in a report on Wednesday. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Arvinas in a research report on Friday, February 7th. Finally, Stifel Nicolaus dropped their target price on shares of Arvinas from $63.00 to $51.00 and set a "buy" rating for the company in a research report on Wednesday. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, Arvinas presently has an average rating of "Buy" and a consensus price target of $60.00.

Institutional Trading of Arvinas

Institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. lifted its stake in Arvinas by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,483 shares of the company's stock valued at $61,000 after acquiring an additional 440 shares during the period. Invesco Ltd. lifted its stake in Arvinas by 1.6% during the 4th quarter. Invesco Ltd. now owns 37,254 shares of the company's stock valued at $714,000 after acquiring an additional 581 shares during the period. Rhumbline Advisers lifted its stake in Arvinas by 0.9% during the 4th quarter. Rhumbline Advisers now owns 87,877 shares of the company's stock valued at $1,685,000 after acquiring an additional 754 shares during the period. Assenagon Asset Management S.A. lifted its stake in Arvinas by 0.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 140,518 shares of the company's stock valued at $2,694,000 after acquiring an additional 777 shares during the period. Finally, Bank of Montreal Can lifted its stake in Arvinas by 2.7% during the 4th quarter. Bank of Montreal Can now owns 39,407 shares of the company's stock valued at $755,000 after acquiring an additional 1,044 shares during the period. 95.19% of the stock is currently owned by institutional investors and hedge funds.

Arvinas Stock Performance

The firm's 50 day simple moving average is $18.88 and its 200 day simple moving average is $23.19. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of -3.92 and a beta of 1.88.

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.