Arvinas, Inc. (NASDAQ:ARVN) Sees Large Decrease in Short Interest

Arvinas, Inc. (NASDAQ:ARVN) was the recipient of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 10,670,000 shares, a decline of 16.4% from the September 15th total of 12,760,000 shares. Based on an average daily trading volume, of 647,700 shares, the days-to-cover ratio is presently 16.5 days.

Arvinas Stock Down 1.8 %

NASDAQ:ARVN opened at $25.67 on Tuesday. Arvinas has a 52 week low of $13.57 and a 52 week high of $53.08. The stock’s 50-day moving average price is $25.11 and its 200-day moving average price is $28.75. The stock has a market capitalization of $1.76 billion, a PE ratio of -4.33 and a beta of 1.97.

Arvinas (NASDAQ:ARVN) last issued its quarterly earnings data on Tuesday, July 30th. The company reported ($0.49) EPS for the quarter, beating the consensus estimate of ($1.08) by $0.59. The business had revenue of $76.50 million during the quarter, compared to analyst estimates of $33.27 million. The firm’s revenue for the quarter was up 40.4% on a year-over-year basis. During the same period in the previous year, the business posted ($1.25) earnings per share. Sell-side analysts expect that Arvinas will post -3.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arvinas

A number of large investors have recently added to or reduced their stakes in the stock. American International Group Inc. increased its stake in shares of Arvinas by 1.8% during the first quarter. American International Group Inc. now owns 24,857 shares of the company’s stock worth $1,026,000 after purchasing an additional 449 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Arvinas by 3.8% in the 1st quarter. Principal Financial Group Inc. now owns 13,307 shares of the company’s stock worth $549,000 after buying an additional 486 shares during the last quarter. Amalgamated Bank increased its stake in Arvinas by 29.6% during the 2nd quarter. Amalgamated Bank now owns 2,223 shares of the company’s stock worth $59,000 after buying an additional 508 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Arvinas by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 12,570 shares of the company’s stock valued at $519,000 after acquiring an additional 1,060 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Arvinas in the first quarter valued at approximately $44,000. 95.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ARVN shares. Oppenheimer reduced their target price on Arvinas from $70.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Barclays decreased their target price 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 reiterated an “overweight” rating on shares of Arvinas in a report on Monday, September 9th. Wedbush restated an “outperform” rating and set a $57.00 price objective on shares of Arvinas in a research note on Tuesday, July 30th. Finally, HC Wainwright reiterated a “buy” rating and issued a $87.00 price objective on shares of Arvinas in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Arvinas currently has a consensus rating of “Moderate Buy” and an average price target of $57.50.

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.