ArriVent BioPharma (NASDAQ:AVBP) Stock Gets Price Target Boost from Truist Financial

ArriVent BioPharma (NASDAQ:AVBP) had its price objective hoisted by stock analysts at Truist Financial from $21.00 to $24.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial‘s price target suggests a potential upside of 69.49% from the company’s previous close.

A number of other analysts have also recently weighed in on AVBP. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ArriVent BioPharma in a research note on Thursday, October 15th. HC Wainwright lowered their price target on shares of ArriVent BioPharma from $47.00 to $27.00 and set a “buy” rating for the company in a report on Thursday, October 8th. B. Riley Financial dropped their price target on ArriVent BioPharma from $45.00 to $29.00 and set a “buy” rating for the company in a research note on Tuesday, October 20th. Wall Street Zen raised ArriVent BioPharma from a “strong sell” rating to a “sell” rating in a report on Sunday, October 18th. Finally, Jefferies Financial Group set a $18.00 price objective on ArriVent BioPharma in a report on Tuesday, October 6th. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $24.89.

ArriVent BioPharma Trading Up 3.8%

Shares of ArriVent BioPharma stock opened at $14.16 on Tuesday. The firm has a market capitalization of $698.23 million, a PE ratio of -3.91 and a beta of 1.66. The firm’s 50 day moving average is $22.73 and its 200 day moving average is $26.61. ArriVent BioPharma has a 1 year low of $11.36 and a 1 year high of $35.83.

ArriVent BioPharma (NASDAQ:AVBP) last released its quarterly earnings data on Monday, November 9th. The company reported ($0.81) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.24. The company had revenue of $5.00 million for the quarter, compared to analyst estimates of $0.80 million. As a group, research analysts anticipate that ArriVent BioPharma will post -4.04 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AVBP. Hhlr Advisors LTD. bought a new position in ArriVent BioPharma in the 2nd quarter valued at approximately $136,498,000. BlackRock Inc. bought a new stake in ArriVent BioPharma during the 2nd quarter worth approximately $112,919,000. General Catalyst Group Management LLC bought a new stake in ArriVent BioPharma during the 2nd quarter worth approximately $51,929,000. Vivo Capital LLC acquired a new position in ArriVent BioPharma in the 1st quarter valued at approximately $20,438,000. Finally, Seven Fleet Capital Management LP increased its position in ArriVent BioPharma by 390.7% in the 2nd quarter. Seven Fleet Capital Management LP now owns 246,606 shares of the company’s stock valued at $8,567,000 after acquiring an additional 196,354 shares during the period. Institutional investors and hedge funds own 9.48% of the company’s stock.

About ArriVent BioPharma

ArriVent BioPharma is a clinical-stage biopharmaceutical company focused on developing medicines for people with cancer. The company advances therapies intended to address significant unmet medical needs, with an emphasis on treatments that may offer new options for patients with difficult-to-treat tumors.

Its lead clinical program is furmonertinib, an oral targeted therapy being studied for non-small cell lung cancer with certain epidermal growth factor receptor (EGFR) mutations, including exon 20 insertion mutations.