Renaissance Technologies LLC Sells 86,573 Shares of Arvinas, Inc. (NASDAQ:ARVN)

Renaissance Technologies LLC lowered its stake in Arvinas, Inc. (NASDAQ:ARVN) by 23.9% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 275,400 shares of the company’s stock after selling 86,573 shares during the quarter. Renaissance Technologies LLC’s holdings in Arvinas were worth $7,331,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in ARVN. American International Group Inc. lifted its holdings in Arvinas by 1.8% during the first quarter. American International Group Inc. now owns 24,857 shares of the company’s stock valued at $1,026,000 after purchasing an additional 449 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Arvinas by 3.8% during the 1st 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. Allspring Global Investments Holdings LLC boosted its holdings in Arvinas by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 12,570 shares of the company’s stock worth $519,000 after buying an additional 1,060 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Arvinas in the 1st quarter worth $44,000. Finally, Quest Partners LLC bought a new stake in Arvinas during the second quarter valued at about $42,000. 95.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ARVN shares. Barclays cut their target price on Arvinas from $60.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Wedbush reiterated an “outperform” rating and set a $57.00 price objective on shares of Arvinas in a research report on Tuesday, July 30th. Cantor Fitzgerald restated an “overweight” rating on shares of Arvinas in a research report on Monday, September 9th. HC Wainwright reiterated a “buy” rating and issued a $87.00 price target on shares of Arvinas in a report on Thursday, August 1st. Finally, Oppenheimer dropped their price objective 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 research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Arvinas has an average rating of “Moderate Buy” and an average target price of $57.50.

Arvinas Price Performance

Shares of NASDAQ ARVN opened at $23.66 on Thursday. The stock has a market capitalization of $1.62 billion, a P/E ratio of -3.99 and a beta of 1.97. Arvinas, Inc. has a 1-year low of $13.57 and a 1-year high of $53.08. The business’s 50 day moving average is $25.88 and its two-hundred day moving average is $30.50.

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

Arvinas 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.