David K. Loomis (LON:0JYZ), Chief Accounting Officer of Arvinas, Inc. (NASDAQ:ARVN), recently sold shares in the company amounting to a total value of $10,300. This transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission.
The sales occurred over two days, with 229 shares sold on November 8 at a price of $17.05 per share, and 231 shares sold on November 7 at $27.69 per share. These transactions were made to cover withholding taxes following the vesting of previously granted Restricted Stock Units, according to the filing.
Following these transactions, Loomis holds 8,040 shares of Arvinas common stock. The sales were conducted as direct transactions, reflecting his ongoing management of personal financial obligations related to stock compensation.
In other recent news, Arvinas Inc. has experienced significant developments. Oppenheimer recently adjusted its outlook on Arvinas, reducing the price target to $40 while maintaining an Outperform rating on the stock. This adjustment comes ahead of the TACTIVE-U trial, featuring a combination of vepdeg and abema. It's suggested that a more fitting comparison for TACTIVE-U's results might be the EMBER-3 trial, also anticipated to be presented at the upcoming SABCS.
Stifel reiterated a Buy rating on Arvinas with a price target of $63, focusing on the company's collaboration with Pfizer (NYSE:PFE) on the drug vepdegestrant in the VERITAC-2 phase 3 study for HR+ breast cancer. The firm also suggested that Arvinas' stock could potentially double if the drug shows efficacy for patients without ESR1 mutations.
Arvinas also recently paid a one-time fee of $41.5 million to terminate its lease agreement. In addition, the company reported positive results from a Phase 1b trial of vepdegestrant for the treatment of advanced ER+/HER2- breast cancer. These are among the recent developments for Arvinas.
InvestingPro Insights
While David K. Loomis's recent stock sale was primarily to cover tax obligations, it's worth examining Arvinas's financial position to provide context for investors. According to InvestingPro data, Arvinas has a market capitalization of $1.8 billion, with its stock price at $28.04 as of the last close.
Despite the recent insider sale, Arvinas shows some promising signs. An InvestingPro Tip indicates that analysts anticipate sales growth for the company in the current year. This expectation is supported by the impressive quarterly revenue growth of 195.95% reported in Q3 2024. Additionally, five analysts have revised their earnings estimates upward for the upcoming period, suggesting growing confidence in the company's near-term prospects.
However, investors should note that Arvinas is not currently profitable, with a negative operating income of $357.3 million over the last twelve months. This aligns with another InvestingPro Tip stating that analysts do not anticipate the company to be profitable this year. Despite this, Arvinas maintains a strong balance sheet, with more cash than debt and liquid assets exceeding short-term obligations.
The stock's performance has been volatile, with a significant 75.52% return over the past year, but a year-to-date decline of 36.08%. This volatility is highlighted as an InvestingPro Tip, suggesting that potential investors should be prepared for price fluctuations.
For those interested in a deeper analysis, InvestingPro offers additional tips and insights beyond what's discussed here. In fact, there are 5 more InvestingPro Tips available for Arvinas, which could provide valuable information for investors considering this biotech stock.
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