State Board of Administration of Florida Retirement System Sells 4,850 Shares of Arvinas, Inc. (NASDAQ:ARVN)

Posted by MarketBeat News on May 19th, 2023

State Board of Administration of Florida Retirement System lowered its stake in Arvinas, Inc. (NASDAQ:ARVN – Get Rating) by 22.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 16,670 shares of the company’s stock after selling 4,850 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Arvinas were worth $570,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. New England Capital Financial Advisors LLC bought a new position in shares of Arvinas in the fourth quarter worth about $34,000. Royal Bank of Canada raised its stake in shares of Arvinas by 37.6% in the third quarter. Royal Bank of Canada now owns 1,230 shares of the company’s stock worth $54,000 after buying an additional 336 shares during the period. Lazard Asset Management LLC bought a new position in shares of Arvinas in the first quarter worth about $57,000. Nisa Investment Advisors LLC raised its stake in shares of Arvinas by 25.8% in the third quarter. Nisa Investment Advisors LLC now owns 1,384 shares of the company’s stock worth $69,000 after buying an additional 284 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Arvinas in the third quarter worth about $95,000. Institutional investors own 92.03% of the company’s stock.

Arvinas Stock Performance

Shares of Arvinas stock opened at $22.47 on Friday. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of -3.97 and a beta of 1.75. The stock has a 50 day moving average price of $26.69 and a 200-day moving average price of $33.28. Arvinas, Inc. has a one year low of $22.00 and a one year high of $58.58.

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Arvinas (NASDAQ:ARVN – Get Rating) last announced its earnings results on Friday, May 5th. The company reported ($1.54) EPS for the quarter, missing analysts’ consensus estimates of ($1.49) by ($0.05). The company had revenue of $32.50 million during the quarter, compared to analysts’ expectations of $27.74 million. Arvinas had a negative return on equity of 50.85% and a negative net margin of 227.86%. Arvinas’s revenue for the quarter was up 22.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.20) EPS. Sell-side analysts predict that Arvinas, Inc. will post -6.7 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price objective on shares of Arvinas in a research note on Tuesday, January 31st. Credit Suisse Group decreased their target price on Arvinas from $81.00 to $61.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. HC Wainwright reissued a “buy” rating and set a $90.00 target price on shares of Arvinas in a research note on Friday, February 24th. Citigroup lifted their target price on Arvinas from $72.00 to $77.00 in a research note on Friday, March 17th. Finally, Stifel Nicolaus decreased their target price on Arvinas from $75.00 to $72.00 in a research note on Monday, May 8th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $67.33.

Insider Activity at Arvinas

In related news, insider Ian Taylor sold 1,051 shares of the business’s stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $29.53, for a total transaction of $31,036.03. Following the completion of the transaction, the insider now owns 101,721 shares in the company, valued at approximately $3,003,821.13. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Arvinas news, CFO Sean A. Cassidy sold 1,745 shares of Arvinas stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $29.53, for a total transaction of $51,529.85. Following the completion of the sale, the chief financial officer now directly owns 183,618 shares of the company’s stock, valued at approximately $5,422,239.54. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ian Taylor sold 1,051 shares of Arvinas stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $29.53, for a total value of $31,036.03. Following the sale, the insider now directly owns 101,721 shares of the company’s stock, valued at $3,003,821.13. The disclosure for this sale can be found here. Insiders sold a total of 8,674 shares of company stock worth $256,143 in the last quarter. 2.78% of the stock is owned by company insiders.

Arvinas Company Profile

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Arvinas, Inc is a biopharmaceutical company, which engages in the discovery, development, and commercialization of therapies to degrade disease-causing proteins. Its product candidates are ARV-110, a proteolysis targeting chimera (PROTAC) protein degrader that is in phase I clinical trial targeting the androgen receptor (AR) protein for the treatment of men with metastatic castration-resistant prostate cancer, ARV-471, and ARV-766, a PROTAC protein degrader targeting the estrogen receptor protein for the treatment of patients with metastatic ER positive/HER2 negative breast cancer.