ArriVent BioPharma (NASDAQ:AVBP) Sees Large Volume Increase – Here’s Why

Shares of ArriVent BioPharma, Inc. (NASDAQ:AVBP) saw unusually-high trading volume on Monday . Approximately 291,856 shares traded hands during mid-day trading, an increase of 40% from the previous session’s volume of 208,052 shares.The stock last traded at $24.43 and had previously closed at $25.22.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AVBP. Guggenheim assumed coverage on shares of ArriVent BioPharma in a research note on Monday, March 10th. They set a “buy” rating and a $45.00 price target on the stock. Jones Trading initiated coverage on ArriVent BioPharma in a research note on Tuesday, May 20th. They issued a “buy” rating and a $40.00 price target on the stock. Wall Street Zen lowered ArriVent BioPharma from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 22nd. B. Riley began coverage on shares of ArriVent BioPharma in a research note on Thursday, March 20th. They issued a “buy” rating and a $37.00 target price on the stock. Finally, HC Wainwright upped their target price on shares of ArriVent BioPharma from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.29.

ArriVent BioPharma Stock Down 6.2%

The firm has a fifty day moving average price of $21.19 and a 200 day moving average price of $23.12. The company has a market cap of $809.07 million, a P/E ratio of -6.27 and a beta of 1.26.

ArriVent BioPharma (NASDAQ:AVBP) last released its earnings results on Monday, May 12th. The company reported ($1.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($1.24). On average, sell-side analysts anticipate that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current year.

Hedge Funds Weigh In On ArriVent BioPharma

Hedge funds and other institutional investors have recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in ArriVent BioPharma in the fourth quarter valued at approximately $218,000. Wellington Management Group LLP bought a new stake in ArriVent BioPharma in the 4th quarter valued at $1,117,000. Barclays PLC lifted its position in ArriVent BioPharma by 28.8% in the 4th quarter. Barclays PLC now owns 53,499 shares of the company’s stock valued at $1,425,000 after acquiring an additional 11,977 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in ArriVent BioPharma by 8.4% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,114 shares of the company’s stock worth $456,000 after purchasing an additional 1,327 shares during the period. Finally, Rhumbline Advisers increased its holdings in ArriVent BioPharma by 9.1% during the 4th quarter. Rhumbline Advisers now owns 36,690 shares of the company’s stock worth $977,000 after purchasing an additional 3,069 shares in the last quarter. 9.48% of the stock is owned by institutional investors.

About ArriVent BioPharma

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.