ArriVent BioPharma (NASDAQ:AVBP) Price Target Cut to $29.00 by Analysts at B. Riley Financial

ArriVent BioPharma (NASDAQ:AVBP) had its price objective decreased by B. Riley Financial from $45.00 to $29.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial’s price objective indicates a potential upside of 55.78% from the stock’s current price.

AVBP has been the topic of a number of other reports. Truist Financial dropped their price target on ArriVent BioPharma from $45.00 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, October 6th. Guggenheim decreased their target price on shares of ArriVent BioPharma from $45.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, October 7th. HC Wainwright reduced their price target on shares of ArriVent BioPharma from $47.00 to $27.00 and set a “buy” rating on the stock in a report on Thursday, October 8th. Citigroup lowered their price target on shares of ArriVent BioPharma from $40.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, October 7th. Finally, Jefferies Financial Group set a $18.00 price objective on shares of ArriVent BioPharma in a research report on Tuesday, October 6th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $25.67.

ArriVent BioPharma Stock Up 3.8%

Shares of NASDAQ:AVBP traded up $0.68 during midday trading on Tuesday, reaching $18.62. 288,331 shares of the company traded hands, compared to its average volume of 677,822. The firm’s fifty day moving average price is $27.07 and its two-hundred day moving average price is $29.09. The firm has a market capitalization of $917.95 million, a price-to-earnings ratio of -5.14 and a beta of 1.34. ArriVent BioPharma has a 12 month low of $11.36 and a 12 month high of $35.83.

ArriVent BioPharma (NASDAQ:AVBP) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.06). Analysts forecast that ArriVent BioPharma will post -4.05 earnings per share for the current year.

Institutional Investors Weigh In On ArriVent BioPharma

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVBP. Tema ETFs LLC purchased a new position in shares of ArriVent BioPharma in the second quarter worth about $1,981,000. Deutsche Bank AG purchased a new position in shares of ArriVent BioPharma during the 2nd quarter worth $1,361,000. Dimensional Fund Advisors LP boosted its position in shares of ArriVent BioPharma by 758.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 126,525 shares of the company’s stock valued at $2,918,000 after acquiring an additional 111,782 shares during the last quarter. E Fund Management Co. Ltd. acquired a new position in shares of ArriVent BioPharma during the 2nd quarter valued at about $3,798,000. Finally, Bank of America Corp DE acquired a new position in shares of ArriVent BioPharma during the 2nd quarter valued at about $6,075,000. 9.48% of the stock is currently owned by hedge funds and other institutional investors.

ArriVent BioPharma Company Profile

ArriVent BioPharma, Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing precision medicines for patients with genetically defined cancers. The company seeks to identify promising therapies developed in other regions and advance them through clinical development and regulatory approval in the United States and other markets.

ArriVent’s lead product candidate is furmonertinib, an oral, irreversible epidermal growth factor receptor (EGFR) tyrosine kinase inhibitor designed to target specific EGFR mutations in non-small cell lung cancer, including EGFR exon 20 insertion mutations.