ArriVent BioPharma (NASDAQ:AVBP) Hits New 12-Month High – What’s Next?

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $32.14 and last traded at $30.98, with a volume of 630234 shares changing hands. The stock had previously closed at $31.39.

Analyst Ratings Changes

AVBP has been the subject of several research analyst reports. B. Riley Financial upped their target price on shares of ArriVent BioPharma from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, March 23rd. BTIG Research initiated coverage on shares of ArriVent BioPharma in a research note on Thursday, March 12th. They set a “buy” rating and a $42.00 target price for the company. HC Wainwright upped their target price on shares of ArriVent BioPharma from $42.00 to $44.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Truist Financial upgraded shares of ArriVent BioPharma to a “strong-buy” rating in a research note on Wednesday, March 25th. Finally, Citigroup upped their target price on shares of ArriVent BioPharma from $31.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $41.67.

ArriVent BioPharma Stock Performance

The company has a market cap of $1.37 billion, a price-to-earnings ratio of -7.02 and a beta of 0.85. The business’s 50 day moving average price is $24.40 and its 200-day moving average price is $22.31.

ArriVent BioPharma (NASDAQ:AVBP) last announced its quarterly earnings data on Thursday, March 5th. The company reported ($0.78) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.87) by $0.09. On average, equities research analysts expect that ArriVent BioPharma, Inc. will post -3.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArriVent BioPharma

A number of hedge funds have recently made changes to their positions in AVBP. Dynamic Technology Lab Private Ltd acquired a new position in shares of ArriVent BioPharma in the 1st quarter valued at $266,000. Woodline Partners LP raised its stake in shares of ArriVent BioPharma by 0.4% in the 1st quarter. Woodline Partners LP now owns 146,373 shares of the company’s stock valued at $2,706,000 after buying an additional 576 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of ArriVent BioPharma in the 1st quarter valued at $189,000. Legal & General Group Plc raised its stake in shares of ArriVent BioPharma by 8.8% in the 2nd quarter. Legal & General Group Plc now owns 14,790 shares of the company’s stock valued at $322,000 after buying an additional 1,197 shares in the last quarter. Finally, Walleye Capital LLC acquired a new stake in shares of ArriVent BioPharma during the 2nd quarter worth about $206,000. Institutional investors and hedge funds own 9.48% of the company’s stock.

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. In addition, the company develops Furmonertinib, a third-generation tyrosine kinase inhibitor that is in multiple clinical trials across a range of epidermal growth factor receptor mutations (EFGRm) in non-small cell lung cancer (NSCLC), including a phase 3 clinical trial for treatment of patients with metastatic EFGRm NSCLC; phase 1b clinical trial for treatment of patients with NSCLC with other EGFR mutations and NSCLC with HER2 Exon 20 insertion mutations; and ARR-002.