Arvinas, Inc. (NASDAQ:ARVN) Short Interest Down 5.6% in October

Arvinas, Inc. (NASDAQ:ARVN) saw a significant drop in short interest in October. As of October 31st, there was short interest totalling 8,800,000 shares, a drop of 5.6% from the October 15th total of 9,320,000 shares. Based on an average daily volume of 545,500 shares, the days-to-cover ratio is presently 16.1 days.

Arvinas Trading Up 3.2 %

Shares of NASDAQ:ARVN opened at $23.19 on Tuesday. Arvinas has a twelve month low of $20.28 and a twelve month high of $53.08. The company has a market cap of $1.59 billion, a PE ratio of -4.97 and a beta of 1.96. The company’s 50 day moving average is $25.74 and its 200 day moving average is $27.17.

Arvinas (NASDAQ:ARVN) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.68) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.88) by $0.20. The business had revenue of $102.40 million during the quarter, compared to analyst estimates of $60.56 million. The firm’s revenue was up 196.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.18) EPS. Equities research analysts predict that Arvinas will post -3.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Arvinas

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. M&T Bank Corp boosted its stake in shares of Arvinas by 53.5% in the third quarter. M&T Bank Corp now owns 27,137 shares of the company’s stock worth $669,000 after buying an additional 9,462 shares during the last quarter. Barclays PLC lifted its holdings in Arvinas by 198.9% in the third quarter. Barclays PLC now owns 121,699 shares of the company’s stock valued at $2,998,000 after acquiring an additional 80,984 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in Arvinas by 36.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 90,870 shares of the company’s stock worth $2,238,000 after purchasing an additional 24,223 shares in the last quarter. XTX Topco Ltd purchased a new stake in Arvinas in the 3rd quarter worth approximately $453,000. Finally, Zacks Investment Management grew its stake in shares of Arvinas by 9.8% during the 3rd quarter. Zacks Investment Management now owns 89,827 shares of the company’s stock worth $2,212,000 after purchasing an additional 8,029 shares during the period. 95.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ARVN shares. Wedbush reiterated an “outperform” rating and issued a $57.00 target price on shares of Arvinas in a report on Tuesday, July 30th. HC Wainwright reiterated a “buy” rating and set a $87.00 price objective on shares of Arvinas in a report on Thursday, October 31st. Barclays lowered their price objective on Arvinas from $60.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Stephens began coverage on Arvinas in a research report on Monday. They set an “overweight” rating and a $55.00 target price on the stock. Finally, Oppenheimer lowered their price target on Arvinas from $50.00 to $40.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Arvinas currently has an average rating of “Moderate Buy” and an average target price of $59.62.

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.