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

Arvinas, Inc. (NASDAQ:ARVN) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totalling 13,180,000 shares, an increase of 10.3% from the August 15th total of 11,950,000 shares. Based on an average daily volume of 775,800 shares, the days-to-cover ratio is presently 17.0 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ARVN. American International Group Inc. grew its position 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 acquiring an additional 449 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Arvinas by 3.8% during the first quarter. Principal Financial Group Inc. now owns 13,307 shares of the company’s stock valued at $549,000 after buying an additional 486 shares in the last quarter. Amalgamated Bank lifted its position in shares of Arvinas by 29.6% in the second quarter. Amalgamated Bank now owns 2,223 shares of the company’s stock worth $59,000 after purchasing an additional 508 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Arvinas by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 12,570 shares of the company’s stock worth $519,000 after purchasing an additional 1,060 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in Arvinas during the first quarter valued at approximately $44,000. 95.19% of the stock is currently owned by hedge funds and other institutional investors.

Arvinas Stock Up 0.1 %

Shares of NASDAQ:ARVN traded up $0.03 during trading on Wednesday, reaching $25.35. The stock had a trading volume of 256,754 shares, compared to its average volume of 742,301. The business has a fifty day moving average price of $26.46 and a 200-day moving average price of $31.32. The stock has a market cap of $1.73 billion, a P/E ratio of -4.29 and a beta of 1.97. Arvinas has a fifty-two week low of $13.57 and a fifty-two week high of $53.08.

Arvinas (NASDAQ:ARVN) last released its earnings results on Tuesday, July 30th. The company reported ($0.49) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.59. The company had revenue of $76.50 million during the quarter, compared to analysts’ expectations of $33.27 million. During the same quarter in the previous year, the firm posted ($1.25) earnings per share. Arvinas’s revenue for the quarter was up 40.4% compared to the same quarter last year. As a group, equities analysts forecast that Arvinas will post -3.51 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ARVN. Cantor Fitzgerald restated an “overweight” rating on shares of Arvinas in a research note on Monday, September 9th. Wedbush reissued an “outperform” rating and issued a $57.00 price objective on shares of Arvinas in a research report on Tuesday, July 30th. Oppenheimer reduced their target price 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. HC Wainwright reissued a “buy” rating and set a $87.00 price objective on shares of Arvinas in a report on Thursday, August 1st. Finally, 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 note on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus 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.