Arizona State Retirement System Decreases Stock Holdings in Arvinas, Inc. (NASDAQ:ARVN)

Arizona State Retirement System lessened its stake in Arvinas, Inc. (NASDAQ:ARVN) by 15.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,386 shares of the company’s stock after selling 2,499 shares during the quarter. Arizona State Retirement System’s holdings in Arvinas were worth $356,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its stake in Arvinas by 38.3% during the 2nd quarter. Victory Capital Management Inc. now owns 53,912 shares of the company’s stock worth $1,435,000 after purchasing an additional 14,924 shares during the last quarter. Rhumbline Advisers boosted its position in Arvinas by 26.7% during the second quarter. Rhumbline Advisers now owns 90,229 shares of the company’s stock worth $2,402,000 after acquiring an additional 19,024 shares during the last quarter. Panagora Asset Management Inc. boosted its position in Arvinas by 57.4% during the second quarter. Panagora Asset Management Inc. now owns 256,658 shares of the company’s stock worth $6,832,000 after acquiring an additional 93,568 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Arvinas by 30.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,062 shares of the company’s stock valued at $268,000 after acquiring an additional 2,363 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in Arvinas by 13.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 14,298 shares of the company’s stock valued at $381,000 after acquiring an additional 1,728 shares during the last quarter. 95.19% of the stock is currently owned by institutional investors and hedge funds.

Arvinas Stock Performance

Arvinas stock opened at $25.32 on Wednesday. Arvinas, Inc. has a fifty-two week low of $13.57 and a fifty-two week high of $53.08. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -4.27 and a beta of 1.97. The stock’s fifty day moving average is $26.49 and its two-hundred day moving average is $31.47.

Arvinas (NASDAQ:ARVN) last released its quarterly earnings results 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. During the same quarter in the prior year, the company earned ($1.25) earnings per share. The firm’s revenue for the quarter was up 40.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Arvinas, Inc. will post -3.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ARVN has been the subject of several recent research reports. HC Wainwright reaffirmed a “buy” rating and issued a $87.00 price target on shares of Arvinas in a report on Thursday, August 1st. Wedbush reaffirmed an “outperform” rating and issued a $57.00 target price on shares of Arvinas in a research note on Tuesday, July 30th. Oppenheimer lowered their price target on shares of Arvinas from $70.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Cantor Fitzgerald restated an “overweight” rating on shares of Arvinas in a research report on Monday, September 9th. Finally, Barclays reduced their target price on shares of Arvinas from $60.00 to $48.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.50.

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.