ArriVent BioPharma (NASDAQ:AVBP) Trading 2.2% Higher – Still a Buy?

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s share price traded up 2.2% during mid-day trading on Friday . The stock traded as high as $19.00 and last traded at $18.99. 59,051 shares were traded during trading, a decline of 64% from the average session volume of 162,942 shares. The stock had previously closed at $18.57.

Analysts Set New Price Targets

AVBP has been the topic of a number of recent analyst reports. HC Wainwright restated a “buy” rating and issued a $39.00 price target on shares of ArriVent BioPharma in a research report on Friday, March 7th. Guggenheim initiated coverage on shares of ArriVent BioPharma in a report on Monday, March 10th. They issued a “buy” rating and a $45.00 target price on the stock. Finally, B. Riley began coverage on shares of ArriVent BioPharma in a research report on Thursday, March 20th. They set a “buy” rating and a $37.00 price target on the stock. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, ArriVent BioPharma has a consensus rating of “Buy” and a consensus price target of $39.00.

ArriVent BioPharma Trading Up 2.0 %

The company has a market cap of $644.60 million, a price-to-earnings ratio of -7.37 and a beta of 1.00. The stock’s 50-day moving average is $24.45 and its 200-day moving average is $26.51.

ArriVent BioPharma (NASDAQ:AVBP) last announced its quarterly earnings data on Monday, March 3rd. The company reported ($0.60) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.18. As a group, analysts predict that ArriVent BioPharma, Inc. will post -2.74 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVBP. Infinitum Asset Management LLC acquired a new position in shares of ArriVent BioPharma during the fourth quarter worth approximately $43,794,000. Suvretta Capital Management LLC increased its stake in ArriVent BioPharma by 21.7% during the 4th quarter. Suvretta Capital Management LLC now owns 2,246,000 shares of the company’s stock valued at $59,833,000 after purchasing an additional 400,838 shares in the last quarter. Geode Capital Management LLC increased its stake in ArriVent BioPharma by 154.2% during the 3rd quarter. Geode Capital Management LLC now owns 597,165 shares of the company’s stock valued at $14,036,000 after purchasing an additional 362,221 shares in the last quarter. State Street Corp raised its holdings in ArriVent BioPharma by 210.4% during the third quarter. State Street Corp now owns 476,809 shares of the company’s stock worth $11,205,000 after buying an additional 323,186 shares during the last quarter. Finally, FMR LLC lifted its stake in shares of ArriVent BioPharma by 8.7% in the third quarter. FMR LLC now owns 2,119,695 shares of the company’s stock valued at $49,813,000 after buying an additional 169,514 shares in the last quarter. Institutional investors own 9.48% of the company’s stock.

ArriVent BioPharma Company Profile

ArriVent BioPharma, Inc operates as a clinical-stage biopharmaceutical company that engages in the identification, development, and commercialization of medicines for the unmet medical needs of patients with cancers in the United States. It also engages in the development and commercialization of targeted cancer therapies for non-small cell lung cancer (NSCLC) and other solid tumors.