$Arvinas(ARVN)$ 算是部分兑现了看多理论；目前股价从低位翻倍，先把本金出了。
简单来说就是再垃圾的资产也有值得介入的好价格，估值大幅低于净现金，回购、开支缩减、内部人买入都是价值兑现的信号。幸运的是董事会和高管没有无耻到烧光最后一分钱。。
今年还未兑现的烟蒂生药股不多了，还剩下$Bicycle Therapeutics(BCYC)$ 、$Pliant Therapeutics(PLRX)$ 这两个；其他如KROS、SEPN、KURA、PRTA等均已从底部上涨200%或更多，全部兑现立场，等待下一次机会。
Arvinas declared that its board has authorized a stock buyback plan on Wednesday, September 17th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 17.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.
Director Briggs Morrison purchased 30,000 shares of Arvinas stock in a transaction dated Monday, September 22nd. The stock was acquired at an average cost of $7.57 per share, with a total value of $227,100.00.
Arvinas is cutting its workforce by a further 15%, targeting >$100 million in annualized cost savings and authorizing up to $100 million in share repurchases — a mix of shareholder‑friendly moves and restructuring pain.