What happens to stocks if AI loses momentum?
Noah Berkowitz, the Chief Medical (TASE:BLWV) Officer of Arvinas, Inc. (NASDAQ:ARVN), recently sold 8,658 shares of the company’s common stock. The transaction, which took place on March 18, was executed at a price of $8.59 per share, amounting to a total value of $74,372. The sale comes as the stock trades near its 52-week low of $7.91, having declined over 80% in the past year. According to InvestingPro analysis, the stock appears undervalued at current levels.
Following this sale, Berkowitz holds 110,023 shares of Arvinas. The sale was conducted automatically by Arvinas to cover tax withholding obligations related to the vesting and settlement of 25% of Berkowitz’s restricted stock units, which were granted on March 18, 2024.
Arvinas, a pharmaceutical company based in New Haven, Connecticut, specializes in the development of therapies aimed at degrading disease-causing proteins.
In other recent news, Arvinas Inc. has been the focus of multiple analyst updates following the release of clinical trial results for its drug candidate vepdeg. The Phase 3 VERITAC-2 trial, conducted in collaboration with Pfizer (NYSE:PFE), showed efficacy in patients with ESR1 mutations but failed to meet its primary endpoint in the overall intent-to-treat population. H.C. Wainwright maintained a Buy rating with an $81 price target, highlighting the drug’s potential in ESR1 mutant patients. Conversely, BMO Capital significantly lowered its price target from $82 to $20, citing limited market opportunities for vepdeg outside the ESR1 mutant population.
BTIG also maintained a Buy rating with a $69 price target, focusing on the potential for recovery based on Arvinas’s cash reserves and upcoming clinical data. Meanwhile, Citi reduced its target from $19 to $10, maintaining a Neutral rating due to concerns over the drug’s efficacy in ESR1 wild-type tumors. Oppenheimer downgraded Arvinas from Outperform to Perform, reflecting skepticism about the drug’s ability to stand out in a competitive market. The varying analyst perspectives underscore the mixed reactions to the trial’s outcomes and the challenges Arvinas faces in advancing its treatment pipeline.
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