Millennium Management LLC Sells 43,468 Shares of Arvinas, Inc. (NASDAQ:ARVN)

Millennium Management LLC trimmed its position in Arvinas, Inc. (NASDAQ:ARVN) by 17.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 200,199 shares of the company’s stock after selling 43,468 shares during the period. Millennium Management LLC’s holdings in Arvinas were worth $5,329,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Quest Partners LLC bought a new stake in Arvinas during the second quarter worth about $42,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Arvinas in the first quarter valued at approximately $44,000. Amalgamated Bank raised its stake in Arvinas by 29.6% in the second quarter. Amalgamated Bank now owns 2,223 shares of the company’s stock valued at $59,000 after buying an additional 508 shares during the period. Contravisory Investment Management Inc. bought a new stake in Arvinas in the second quarter valued at approximately $185,000. Finally, Cullinan Associates Inc. bought a new stake in Arvinas in the first quarter valued at approximately $248,000. 95.19% of the stock is currently owned by institutional investors.

Arvinas Stock Performance

Shares of ARVN opened at $26.13 on Friday. Arvinas, Inc. has a 52 week low of $13.57 and a 52 week high of $53.08. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of -5.05 and a beta of 1.97. The stock has a fifty day moving average of $25.09 and a 200-day moving average of $29.03.

Arvinas (NASDAQ:ARVN) last announced its earnings results on Tuesday, July 30th. The company reported ($0.49) earnings per share (EPS) for the quarter, topping 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 firm’s revenue for the quarter was up 40.4% on a year-over-year basis. During the same period in the prior year, the business earned ($1.25) earnings per share. As a group, equities analysts forecast that Arvinas, Inc. will post -3.51 EPS for the current year.

Analyst Upgrades and Downgrades

ARVN has been the topic of several research reports. Oppenheimer decreased their target price on Arvinas from $70.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Wedbush reissued an “outperform” rating and set a $57.00 price target on shares of Arvinas in a research report on Tuesday, July 30th. HC Wainwright reissued a “buy” rating and set a $87.00 price target on shares of Arvinas in a research report on Thursday, August 1st. Barclays reduced their price target on Arvinas from $60.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Arvinas in a research note on Monday, September 9th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, 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.