BMO Capital Markets Reiterates Outperform Rating for Arvinas (NASDAQ:ARVN)

Arvinas (NASDAQ:ARVN)‘s stock had its “outperform” rating restated by stock analysts at BMO Capital Markets in a research note issued on Wednesday,Benzinga reports. They currently have a $82.00 target price on the stock, down from their previous target price of $88.00. BMO Capital Markets’ price objective suggests a potential upside of 364.06% from the company’s current price.

Several other brokerages have also recently commented on ARVN. HC Wainwright reissued a “buy” rating and issued a $87.00 price target on shares of Arvinas in a research note on Wednesday, December 11th. Stifel Nicolaus decreased their target price on Arvinas from $63.00 to $51.00 and set a “buy” rating for the company in a research report on Wednesday. BTIG Research assumed coverage on Arvinas in a research report on Tuesday, December 10th. They set a “buy” rating and a $69.00 target price for the company. Barclays decreased their target price on Arvinas from $48.00 to $32.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Finally, Wedbush reaffirmed an “outperform” rating and set a $57.00 target price on shares of Arvinas in a research report on Tuesday. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.58.

Arvinas Stock Performance

Shares of NASDAQ ARVN opened at $17.67 on Wednesday. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -3.78 and a beta of 1.88. The business has a 50 day simple moving average of $19.04 and a 200 day simple moving average of $23.28. Arvinas has a 52 week low of $16.61 and a 52 week high of $53.08.

Arvinas (NASDAQ:ARVN) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.63) EPS for the quarter, beating the consensus estimate of ($1.07) by $0.44. During the same period in the prior year, the firm posted ($2.53) earnings per share. On average, analysts predict that Arvinas will post -3.22 EPS for the current year.

Institutional Investors Weigh In On Arvinas

Several hedge funds have recently modified their holdings of ARVN. Norges Bank bought a new stake in shares of Arvinas in the fourth quarter valued at approximately $23,845,000. Braidwell LP lifted its position in Arvinas by 148.3% in the third quarter. Braidwell LP now owns 1,284,472 shares of the company’s stock worth $31,637,000 after purchasing an additional 767,242 shares during the period. Baker BROS. Advisors LP bought a new position in Arvinas in the third quarter worth $9,989,000. Affinity Asset Advisors LLC lifted its position in Arvinas by 180.0% in the fourth quarter. Affinity Asset Advisors LLC now owns 630,000 shares of the company’s stock worth $12,077,000 after purchasing an additional 405,000 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Arvinas by 18.7% in the third quarter. JPMorgan Chase & Co. now owns 2,329,303 shares of the company’s stock worth $57,371,000 after purchasing an additional 367,343 shares during the period. 95.19% of the stock is owned by institutional investors.

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.