Arvinas (NASDAQ:ARVN) Shares Gap Up to $27.78

Arvinas, Inc. (NASDAQ:ARVN) shares gapped up before the market opened on Tuesday . The stock had previously closed at $27.78, but opened at $28.89. Arvinas shares last traded at $28.48, with a volume of 92,567 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Wedbush reaffirmed an “outperform” rating and set a $57.00 target price on shares of Arvinas in a report on Wednesday, May 8th. Stifel Nicolaus lowered their target price on shares of Arvinas from $72.00 to $68.00 and set a “buy” rating for the company in a report on Wednesday, May 8th. HC Wainwright reissued a “buy” rating and issued a $87.00 price target on shares of Arvinas in a report on Friday, May 17th. Finally, Wells Fargo & Company decreased their price target on shares of Arvinas from $63.00 to $60.00 and set an “overweight” rating for the company in a report on Thursday, May 9th. 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.13.

Arvinas Stock Performance

The firm’s 50-day simple moving average is $28.41 and its 200 day simple moving average is $36.12.

Arvinas (NASDAQ:ARVN) last issued its earnings results on Tuesday, May 7th. The company reported ($0.97) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.45. The firm had revenue of $25.30 million during the quarter, compared to the consensus estimate of $32.94 million. The firm’s revenue for the quarter was down 22.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.54) earnings per share. On average, sell-side analysts anticipate that Arvinas, Inc. will post -4.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Arvinas

A number of institutional investors and hedge funds have recently modified their holdings of ARVN. RTW Investments LP bought a new stake in shares of Arvinas in the 4th quarter valued at about $173,427,000. Vanguard Group Inc. raised its holdings in shares of Arvinas by 29.9% in the 1st quarter. Vanguard Group Inc. now owns 6,299,556 shares of the company’s stock valued at $260,046,000 after purchasing an additional 1,448,166 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Arvinas by 42.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,832,123 shares of the company’s stock valued at $157,731,000 after purchasing an additional 1,143,452 shares during the period. Commodore Capital LP acquired a new position in Arvinas in the 4th quarter valued at about $41,160,000. Finally, Norges Bank acquired a new position in Arvinas in the 4th quarter valued at about $36,126,000. 95.19% of the stock is owned by institutional investors.

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.