Arvinas (NASDAQ:ARVN) Trading 5.9% Higher - Here's What Happened

Arvinas, Inc. (NASDAQ:ARVN - Get Free Report)'s share price traded up 5.9% during mid-day trading on Wednesday . The stock traded as high as $27.42 and last traded at $27.42. 58,211 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 721,632 shares. The stock had previously closed at $25.90.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Cantor Fitzgerald reissued an "overweight" rating on shares of Arvinas in a research report on Monday, September 9th. HC Wainwright reissued a "buy" rating and issued a $87.00 price objective on shares of Arvinas in a research report on Thursday, August 1st. Barclays lowered their price objective on shares of Arvinas from $60.00 to $48.00 and set an "overweight" rating for the company in a research report on Wednesday, July 31st. Wedbush reissued an "outperform" rating and issued a $57.00 price objective on shares of Arvinas in a research report on Tuesday, July 30th. Finally, Oppenheimer reduced their price target on shares of Arvinas from $70.00 to $50.00 and set an "outperform" rating for the company in a report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Arvinas has an average rating of "Moderate Buy" and an average target price of $57.50.

Arvinas Stock Performance

The stock has a market cap of $1.90 billion, a P/E ratio of -4.69 and a beta of 1.97. The firm's 50 day moving average is $25.19 and its 200 day moving average is $28.63.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ARVN. nVerses Capital LLC purchased a new position in Arvinas during the third quarter valued at $39,000. Exchange Traded Concepts LLC lifted its holdings in Arvinas by 37.0% during the third quarter. Exchange Traded Concepts LLC now owns 6,659 shares of the company's stock valued at $164,000 after purchasing an additional 1,798 shares in the last quarter. Handelsbanken Fonder AB lifted its holdings in Arvinas by 17.4% during the third quarter. Handelsbanken Fonder AB now owns 19,525 shares of the company's stock valued at $481,000 after purchasing an additional 2,900 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in Arvinas by 45.2% during the second quarter. Squarepoint Ops LLC now owns 118,899 shares of the company's stock valued at $3,165,000 after purchasing an additional 37,028 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Arvinas during the second quarter valued at $538,000. 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.