Arvinas, Inc. (NASDAQ:ARVN) Short Interest Down 12.7% in October

Arvinas, Inc. (NASDAQ:ARVN - Get Free Report) was the recipient of a large drop in short interest in October. As of October 15th, there was short interest totalling 9,320,000 shares, a drop of 12.7% from the September 30th total of 10,670,000 shares. Based on an average trading volume of 581,800 shares, the days-to-cover ratio is presently 16.0 days.

Arvinas Trading Up 1.4 %

Shares of NASDAQ ARVN traded up $0.38 during mid-day trading on Tuesday, hitting $27.50. The company had a trading volume of 859,476 shares, compared to its average volume of 719,416. Arvinas has a one year low of $14.02 and a one year high of $53.08. The company has a market capitalization of $1.89 billion, a PE ratio of -4.61 and a beta of 1.97. The firm has a 50-day simple moving average of $25.48 and a two-hundred day simple moving average of $27.92.

Arvinas (NASDAQ:ARVN - Get Free Report) last posted its quarterly earnings results on Tuesday, July 30th. The company reported ($0.49) earnings per share for the quarter, topping the consensus estimate of ($1.08) by $0.59. The company had revenue of $76.50 million for the quarter, compared to analyst estimates of $33.27 million. The firm's revenue for the quarter was up 40.4% compared to the same quarter last year. During the same period last year, the firm earned ($1.25) EPS. Sell-side analysts expect that Arvinas will post -3.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arvinas

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Arvinas by 29.9% during the 1st quarter. Vanguard Group Inc. now owns 6,299,556 shares of the company's stock valued at $260,046,000 after purchasing an additional 1,448,166 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Arvinas by 14.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,368,418 shares of the company's stock worth $180,329,000 after buying an additional 536,295 shares during the last quarter. Candriam S.C.A. boosted its holdings in shares of 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 buying an additional 147,904 shares during the period. Assenagon Asset Management S.A. acquired a new position in Arvinas in the 3rd quarter valued at about $3,442,000. Finally, Panagora Asset Management Inc. raised its holdings in Arvinas by 57.4% in the 2nd quarter. Panagora Asset Management Inc. now owns 256,658 shares of the company's stock valued at $6,832,000 after acquiring an additional 93,568 shares during the period. 95.19% of the stock is owned by institutional investors.

Analyst Ratings Changes

ARVN has been the topic of several research analyst reports. Wedbush reissued an "outperform" rating and set a $57.00 price target on shares of Arvinas in a research note on Tuesday, July 30th. Barclays dropped their price objective on Arvinas from $60.00 to $48.00 and set an "overweight" rating for the company in a report on Wednesday, July 31st. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Arvinas in a research note on Monday, September 9th. HC Wainwright reiterated a "buy" rating and set a $87.00 target price on shares of Arvinas in a research report on Thursday, August 1st. Finally, Oppenheimer reduced their target price on Arvinas from $70.00 to $50.00 and set an "outperform" rating on the stock in a report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $57.69.

About Arvinas

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.