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Arvinas, Inc. (NASDAQ:ARVN) announced Wednesday that John Houston, Ph.D., Chairperson, President and Chief Executive Officer, has notified the company of his plans to retire from his roles as President and CEO. The announcement comes as the company’s stock trades near $8, down approximately 70% over the past year, though InvestingPro data shows five analysts have recently revised their earnings expectations upward for the upcoming period. According to a statement released through a Securities and Exchange Commission filing, Dr. Houston will step down following the search for and appointment of a new Chief Executive Officer.
The company stated that Dr. Houston will continue to serve as Chairperson of Arvinas’ Board of Directors after his retirement from executive management. No specific timeline for the transition or details regarding the search for a new CEO were disclosed in the filing.
Arvinas is a Delaware-based pharmaceutical company listed on the Nasdaq Stock Market. The information in this article is based on a press release statement filed with the SEC. According to InvestingPro analysis, the company appears undervalued at current levels, with analyst price targets suggesting significant upside potential. Get access to 10+ additional exclusive ProTips and comprehensive financial analysis for Arvinas and 1,400+ other stocks with an InvestingPro subscription.
In other recent news, Arvinas, Inc. has submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) in collaboration with Pfizer (NYSE:PFE) for vepdegestrant, a potential treatment for advanced breast cancer. This submission follows positive Phase 3 trial results from the VERITAC-2 study, which highlighted the drug’s efficacy against fulvestrant. The study’s findings were presented at the American Society for Clinical Oncology’s annual meeting and published in the New England Journal of Medicine. In related developments, H.C. Wainwright analysts reaffirmed a Buy rating on Arvinas stock, citing promising trial data indicating that vepdegestrant could become the first approved treatment for ESR1-mutant patients.
Additionally, Arvinas announced the retirement of CEO John Houston, who will continue as Chairperson of the Board while the company searches for his successor. The company also reported that John Young resigned from its board of directors, with no disagreements cited regarding company operations. During its annual meeting, Arvinas shareholders elected three Class I directors, including Houston, for terms expiring in 2028. Furthermore, Deloitte & Touche LLP was ratified as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025.
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